How have customer expectations changed as financial services companies around the world rush to embrace digital transformation? How can technology be leveraged to provide more personalized financial solutions without violating privacy or adding unnecessary complexity? What is the role of digital identity technology in making the online and mobile worlds safer places for all of us to work and live?
On our final day of FinovateAsia Digital, these are some of the questions our fintech industry experts answered – often with surprising responses. From the rise of “the offer you can’t refuse” in customer experience to negotiating between the helping hand of government and its ever-present regulatory arms, our experts bring a wealth of experience and insight into fintech’s most urgent themes.
If you missed any of the conversation from FinovateAsia Digital this week, then you’re in luck. You can still register and gain access to an entire week worth of informed commentary and lively discussion on the biggest trends shaping fintech in Asia.
On the opportunities in digital and the rise of new customer expectations
I think if you look at what happened in the first few months of this year, I tend to call this the biggest digital training course the world has ever seen. We had to turn to digital for every aspect in our life. And we learned the benefits of digital, like working from home. Sometimes it’s really fun and sometimes it’s really challenging. But it’s part of our day-to-day life and it won’t disappear soon.
I think we’re at the beginning of a new phase of customer experience. Customer expectations will change. I think that in the last ten years, we mainly saw an evolution of digital convenience, and many companies understood that and became really big because of that. I think that situation has matured. In my opinion, we’re at the beginning of a new curve, of new customer expectations that will be formed thanks to new technologies like AI, IoT, 5G, quantum computing, robotics, the general purpose technologies … But it’s not going to just be technology that drives new customer expectations, it will also going to be personal dreams and wishes, and also the challenges the world will be facing.
–-Steven Van Belleghem, Author, Customers The Day After Tomorrow
On leveraging advanced technologies to deliver more personalized solutions
I’m a techie. And that’s true for the rest of our team. We love our algorithms, our data models. And one of the things we’ve learned is that sometimes (with) personalization, the best one (solution), the most engaging one, does not come from the most clever models that you come up with, but instead comes from fairly simple rules. So it should not be underestimated: you should not fall in love with your beautiful, artificial intelligence and data science models to the detriment of simplicity, because sometimes simplicity is what is bringing the most engaging content.
Another (lesson) we learned as well very early on is to make sure that customers and users are in control. And that whatever bite-sized, personalized piece of content you are delivering to them is going to give them them the option to say “stop” or “give me more” or “give me less often” … (to put them) in control of that feed of information they are receiving.
–Olivier Berthier, CEO and Co-founder, Moneythor
On the challenge of providing digital identity solutions in an increasingly globalized world
If I was to look at the way that digital identity is changing the landscape, I think actually what we’re seeing at the moment is really the proliferation of a lot of intermediating layers. So there is quite a number of different platforms that are evolving, platform players that are actually doing a lot of the heavy lifting for a lot of the companies in the fintech space. So whether you might be talking about somebody like Onfido or any of their competitors, there’s been this whole big wellspring of different types of companies that are actually doing that integration work.
And I think they have been carrying off the back of a lot of the actual governmental work that’s been happening to come up with different digital identity models. These are very complex problems, but I think given that the last decade or so, a lot of trade has been increasingly globalized, payments have been increasingly globalized, it’s become very difficult for people to keep pace with the change of all of these different governments coming up with different types of systems and experimenting.
–Danielle Szetho, Fintech Client Advisory, Standard Chartered Bank
Available On Demand for five days after the end of the conference week, FinovateAsia Digital is a unique opportunity for those interested in learning more about fintech in the Asia-Pacific region. Browse our all-digital presentations, interviews, and discussions; network with fellow attendees; and gain key insights into the trends driving fintech innovation in critical, emerging markets. Visit our FinovateAsia Digital Hub and register today.
Building Blockchains the Easy Way – An Introduction to Substrate
Learn how Substrate, the blockchain development framework, makes it easy to encapsulate your domain-specific logic in just a few lines of code and include it in a running blockchain in about 30 minutes.
In this live technical workshop, you will learn how Substrate and its meta-framework “FRAME” makes it easy to build a custom blockchain that comes fully loaded with best-in-class cryptographic algorithms from the researchers at the Web3 Foundation.
Topics will include: the “Substrate and FRAME way” of thinking about blockchains, how to use FRAME to write custom blockchain logic in just a few lines of code, how to use Polkadot JS Apps UI and other ecosystem tools to interact with a Substrate-based chain, the Substrate-based chains that Parity hosts and how they can be used as developer resources.
Who should attend: Blockchain developers who want to learn about the technical advantages of using Substrate for their blockchain solutions. No previous experience needed!
Speaker: Dan Forbes, Developer Advocate, Parity Technologies
Agenda (1 h):
– Welcome to Substrate (15 min)
– Workshop – live content (30 min)
– Q&A (15 min)
Substrate comes with everything you need to build your blockchain. By using Substrate’s pallets you can easily create what you want, or craft your own custom logic. Either way, Substrate makes building a blockchain far faster, easier, and safer than ever before.
Australian insurtech sector poised to scale: new survey finds partnering with insurers to become mainstream within three years
Only half (50%) of the Australian insurance sector believes enough is being done to maximise the value of insurtech collaborations and drive real digital innovation across the industry, according to a new report released today by Ernst & Young, Australia (EY Australia) and Insurtech Australia.
The third annual survey of Australia’s insurtech ecosystem found that partnerships between incumbent insurers and insurtechs are becoming increasingly common – 80% of insurers are currently collaborating with an insurtech – but most are still occurring on a small scale, for specific point solutions within individual pockets of the business. To move to the next stage of optimisation and fully harness the benefits of insurtech, insurers will need a clear, holistic digital strategy and an implementation roadmap that addresses legacy technology issues.
Pivotal areas that Australian insurers, insurtechs and insurance industry providers agree are ripe for digital innovation include efficient administration, claims, pricing and underwriting agility, and developing new products to deliver differentiated customer propositions.
Andrew Parton, EY Oceania Insurtech Leader said: “While it’s pleasing to see more collaboration and partnerships occurring, most Australian insurers are still only using insurtech tactically, rather than trying to develop a more strategic whole-of-business digital ecosystem.”
“For the sector to fully realise the transformative potential of insurtech, insurers will need to move beyond random acts of digital and put the right infrastructure in place so that their legacy systems can connect with new technologies and support plug-and-play integration capabilities,” Mr Parton said.
“Over the next few years, we are likely to see the sector moving beyond simple alliance models. In fact, our research shows that the Australian insurtech ecosystem may look quite different in three years’ time, with 58% of insurers anticipating a high level of acquisition activity as they seek to obtain their own capabilities in this space. Fifty-eight percent of survey respondents also expect to see consolidation of insurtech providers during the same period.”
“Currently, 63% of insurers have current partnerships with between 1 and 3 insurtechs, but only 14% are partnering with 5 or more. This will change over the next few years as insurers seek to increase their number of insurtech partnerships to broaden their digital ecosystem and extend insurtech use across their entire value chain. However, such innovations will rely on insurance processes being able to easily interact with external APIs, cloud-based systems, and IoT devices and sensors. Digital enablement platforms could provide a short-cut to making these connections and support the transition from old to new distribution channels, without needing to entirely replace core legacy systems,” Mr Parton said.
Rita Yates, Insurtech Australia CEO said: “It is positive to see that the majority of the industry agrees that insurtech will play a major role in helping incumbents become more digitally capable in the future, and that incumbents and insurtechs were both aligned in this level of thinking.”
“It is clear that insurtechs in Australia offer a wide range of potential solutions. We now have a real opportunity to optimise future partnerships so that their value can be realised at scale. In order to do this, a clear understanding is needed of what elements are critical to get right during the partnership process,” Ms Yates said.
How robo-advice is changing investing
Millennial investors dabbling in the market for the first time are embracing robo-investment tools globally but Australians still seem to lag as locals remain a little leery about the financial services sector as a whole.
According to Recep III Peker of research house Investment Trends, the growth in robo-advice products has contributed to a spike in investing globally during the COVID-19 pandemic as people are attracted to low fees (in some cases zero) and to the knowledge that technology tools allow for investing in smaller amounts.
Peker says Investment Trends research in Germany, Spain and the United States indicates many investors are returning to the market and the number of first-time investors is also high.
It’s arguable whether this flood of new investors is one of the factors driving current market volatility but the Australian Securities and Investments Commission’s (ASIC) report on Retail investor trading during COVID-19 volatility released in May did indicate a sharp increase in retail traders opening accounts and they were also trading more frequently.
Peker said Investment Trends had only just started their Australian research on new investors but in the United Kingdom, the number of first time investors had tripled in the last 12 months.
To read more, please click on the link below…
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