Accelerate Digital transformation, Increased Data Value, Lowering Costs and Achieving Better Operational Efficiencies
For most companies, the journey towards digital transformation passes through a few major stages of digitalisation before they get to intelligent solutions phase. As with any race, some contenders take the lead, while others struggle to hit the stride after leaving the starting blocks.
Financial services are contending with multiple challenges tied to regulations, security, geopolitical risks, compliance, legacy systems, disruptive models and technologies, and new competitors.
Digital technology has been changing the landscape of Financial services over the years. The way financial institutions operate and how they deliver services to their customers have been influenced by financial technology. Hence, these institutions need to start adapting to these changes or risk becoming irrelevant.
With that being said, how can we jump-start or adapt our technology game plan to hit our stride faster, smoother and efficiently?
Design for Security & Compliance
The Finance Service industry attracts some of the most hostile information security threats and is one of the most regulated industries in the world. Therefore, the top priority should always be the protection of customers’ data, establishing a trusted infrastructure and managed according to best security practices, as well as a variety of compliance standards.
At the heart of secured and trusted infrastructure, data needs to be authentic, available, transparent and easily accessible to the customers. Building a trust by giving an ownership of data to the customer is the key.
Every organisations implement security differently and it is critical to gain compliance while enhancing security management at every stage of organisation’s digital transformation journeys.
Design for Data Analytics and A.I.
We all wish we could understand our customers more comprehensively and accurately. This is where Artificial Intelligence (A.I.) comes to the rescue.
Rather than taking a siloed approach and having to reinvent the wheel, the financial services industry must expand the use of A.I. across organisations that encompass every business process and function.
Through automation, IT departments and compliance team can efficiently support numerous audit demands imposed on organisations within highly regulated Finance industry.
Yet, the definition of A.I. is often mislead by some. A.I. is not just about automation but it is also about insights that come from analysing data.
In banking, data has been historically gathered and is often accumulated in an unstructured way. Customer information can be spread across multiple accounts and many siloes. This is seen as a vulnerability in the face of cyber threats and implementing intelligent automation solutions.
Therefore, the classification of data is highly critical for acute and dynamic adjust of financial products and services. It not only breaks the data silos but also makes the business to get the most of data and thereby, gain insights from customer behavior and to give more personalised customer experience.
Don’t you wish to know how to best manage the portfolio of technology assets to deliver positive impact to your business?
OpenGov is pleased to bring a unique, one of its kind, breakfast insight session aimed at imparting knowledge on some of the advanced technical capabilities that leverages security, compliance and A.I. to support financial institutions on their journey of innovation to serve customers better.
This exclusive Breakfast Insight will discuss:

Key issues surrounding data that may hinder FSI Sector
How analytics will take your FSI business towards a data-driven business
Opportunities to leverage A.I. to understand customer behaviour better
Approaches to create A.I. strategy that increases customer trust and maximises business advantages
How to monetise data and transform it into one of your key business assets in a secured manner

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