As Asia is embracing the 4th Industrial Revolution, the transformation of the financial services industry is being defined by agile FinTech start-ups, game-changing technology, radically altered consumer expectations, and a shifting regulatory environment. Now the financial institutions are in need of tailoring their business models and customer services to stay relevant with the digital disruption in order to properly serve and attract new customers.
Microsoft Bangladesh recently organized an exclusive banking sector CXO conference with the leaders in the financial services industry in order to share knowledge and resources on banking in the digital era. The conference, held at the Westin Dhaka, offered the attendees, CXOs from different financial services institutions, an opportunity to discover the solutions which could to take their business to the next level.
The conference shed light on digital transformation and productivity in the banking sector and demonstrated how Power BI and analytics can help decision makers and cloud computing can take banking to the next level.
It included sessions on Digital Transformation and Productivity in the Banking sector, Omni channel with next best action & Dynamic 365, presentations on Power BI and analytics, Cyber Security and Trusted Cloud and a customer panel discussion.
The customer panel discussion covered broad topics like ‘digital disruption in banking sector’, how to survive it, what are the trends and other important issues related to it. The consisted of one partner, two, PWC and officials from the central bank.
In the recently-conducted Microsoft Digital Transformation Asia Study, 81% of business leaders in Asia Pacific’s Financial Services Industry said they believe that they need to transform to a digital business to enable future growth but only 31% said that they have a full digital strategy in place today. Business leaders agreed that cloud computing is now an essential part of their digital transformation strategy and data insights can lead to new revenue streams.
Rena Chai, Chief Operating Officer of the Southeast Asia New Markets at Microsoft Asia Pacific, said, “As we embrace the 4th Industrial Revolution, cutting-edge technologies are redefining business process and the way how businesses interact with their customers. As Microsoft wants to empower every person and every organization on the planet to achieve more, we would like to extend our support to FSI industry in Bangladesh to capitalize on the value of generating greater insights from new and existing data, to better meet the needs of customers, especially personalized offerings and expansion into digital channels. We urge all business leaders in this space to take steps to re-think how their organizations would look like as a digital business to stay relevant.”
Sonia Bashir Kabir, Managing Director of Microsoft Bangladesh, Nepal, Bhutan and Laos, said, “In the age of digital disruptions, the banking sector can leverage technology to optimize their operations and increase profits through using the right tools to empower employees and build a closer relationship with the customers. As Bangladesh is capitalizing on its Digital Bangladesh Vision and people are quickly adapting to new technologies, it is time for the banks to utilize the latest technology to turn data into insights, transform ideas into action, get closer to their customers and become their advisors.”
The Microsoft Asia Digital Transformation Study surveyed 1,494 business leaders across five industries, including 335 from Financial Services Industry, from the Asia Pacific working in organizations with more than 250 employees from 13 Asia Pacific markets. All respondents were pre-qualified as being involved in shaping their organizations’ digital strategy.
Even as the majority of business leaders are aware of the urgent need to transform digitally to address the changing business climate, the study found that the transformation journey for most organizations in Asia is still at its infancy. In fact, only 31% of business leaders indicated that they have a full digital transformation strategy in place and 53% are in progress with specific digital transformation initiatives for selected parts of their business. Sixteen percent still have very limited or no strategy in place.
Microsoft’s mission is to empower every person and every organization on the planet to achieve more—building technology so that others can innovate, build their own technology, and create solutions that make things happen.