Sheraton Towers Singapore27 November 2018
Digital technology has been changing Singapore’s banking industry over the years. Are banks ready to face the future? The first step could be to re-think the role of compliance department as enablers of digital transformation.
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The way banks operate and how they deliver services to their customers have been influenced by financial technology. Banks need to start adapting to the changes or risk becoming extinct.
As such, how do banks adapt to the changes and stay relevant?
In recent years, traditional brick-and-mortar banks have been making way for invisible banks. Digital technology has allowed financial transactions to be done digitally. The rise of artificial intelligence (AI) introduces the possibility of using technology to perform banking services, such as customer support and predictive analysis of big data to customers.
If these changes are going to happen, how should banks embrace it? What needs to be done?
Imagine banks as full service hubs that revolve around the customers’ lifestyle. This may come across as inconceivable to some of you now, but it is a possible direction for banks in the next 30 years. Banks sit on untouched data that they have collected over decades, and the data they hold can give them valuable insight into their customer’s lifestyle and habit. The challenge is, how do we break data silos and make it easily accessible?
More importantly, how do banks prepare themselves for the future?