APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cloud
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Cloud
    Editor's Pick (1 - 4 of 8)
    left
    Sustainable Future through Innovative Technology Solutions

    Faisal Parvez, Director, BT Business CIO

    Brokering the Cloud Services

    Eric Boyette, Secretary & State CIO, Information Technology

    Defining a Cloud Strategy: A Higher Education Paradigm

    Russell M. Kaurloto, VP and CIO, Clemson University

    Cloud or On-Premise? When Would The Question End?

    Kevin Soh, CIO and Director, e-Strategies, BH Global Corporation

    The Role of CIO in the Cloud-First World

    Yvonne Wassenaar, CIO, New Relic, Inc

    Epsilon Telecommunications: Bringing Agility in Business with Cloud

    CEO

    Prime Focus Technologies : Media ERP To Drive Creative Enablement And Realize New Monetization Oppor

    Founder and CEO, Prime Focus

    Lacima: Global Commodity Energy Portfolio Risk Analytics

    Co-founder, Lacima

    right

    Impact of Cloud Advancements on Financial Services

    Reuben Athaide, Head, Cloud Enablement, Standard Chartered Bank [LON: STAN]

    Tweet
    content-image

    Reuben Athaide, Head, Cloud Enablement, Standard Chartered Bank [LON: STAN]

    We live in an ‘always-on’ hyperconnected world, with 45 percent of the population owning smartphones as per Statista. Since digital has gone mainstream, we expect immediate gratification and do not want to be interrupted to go “do banking.” We would much rather like it to be integrated into where we work, play, and live—on our smartphones. For financial services institutes (FSI’s) this means integrating into a customer’s daily life through digital. This can be achieved through API (application programming interfaces) partnerships and prioritizing customer-centricity.

    Data and Customer-centricity

    An ‘always-on’ connected world generates a lot of data, which in turn creates more data.

    We have all heard the metaphor ‘data is the new oil.’ Like oil, data needs to be cleansed and curated, to personalize customer offers. Integrating geographically dispersed, valuable data sets on the cloud in a ‘data lake’ with advanced data management and decision tools, can be hugely beneficial in providing a customized product at precisely the right time in a customer’s lifecycle.

    Making your customer feel special with a personalized product at the right time is just one aspect of being profitable in the long run. FSIs also need to try and retain their customers by creating stickiness. After all, there are so many digital disruptors and choices that loyalty is hard to achieve. Hence, the customer experience itself has become a new product.
    We have experienced during festive seasons such as Christmas, FSIs launching online gamification such as ‘shake and win’ or ‘spin the wheel.’ Both of which created a positive customer experience, as they appealed to a wide range of customers, and built loyalty. This experience in turn increased customer retention, which potentially led to higher profitability. By using the valuable data generated by these activities to run predictive analytics, FSIs drive business innovation.

    Subsequently, integrating all this data is becoming more difficult as it grows exponentially. According to The Economist, IDC, a market-research firm, estimates the world will generate about 90 zettabytes [19trn DVDs] this year and next, more than all the data produced since the advent of computers in 1801. . Nonetheless, FSIs are forced to raise their game and provide a superior customer experience as a differentiator, since, retail, wealth and payments business models have seen margins thinning and competition increasing with digital disruptors.

    Data and Sustainability

    Crunching all this data using a traditional model of an on-premise data centre is not sustainable due to some of the requirements for curating and constraints of using an on-premise data centre. In particular lack of scale and agility, high energy consumption costs, and access to advanced data decisions and management tools. Also, the fact that a lot of the data has to be integrated with external sources and is streaming in real-time. Hence, migrating to the center and crunching on the cloud is more sustainable than a traditional model.

    Sustainability goes beyond just optimizing our costs by crunching data at the centre on cloud. The reason being the impacts to our environment are not only digital. However, it is also climate change that has impacted our environment. Hence, we can use the recent advancements to learn patterns from data, analyzes, and predict, to make data-driven decisions. This, in turn, will help us extend capital to markets effectively and achieve the UN’s 17 sustainable development goals.

    If FSIs ‘self-disrupt’ instead of waiting to be disrupted, they can survive a hyper-connected digital business world. However, first FSI’s need to achieve cloud transformation success and get on top of the impacts to the environment. To do that, FSIs will have to establish some best practices such as, Confirm executive support, train and educate staff (culture shift, not just technology), build a culture of experimentation, and partner with the right system integrators, among others.

    The disruptive impacts to our environment mean banking will not be an extension of the past. FSIs need to use data management tool advancements on the cloud to make data-driven decisions to deepen customer relationships and work towards a sustainable future for the planet.

    tag

    Customer Experience

    Data Management

    Financial

    Predictive Analytics

    Weekly Brief

    loading
    Cloud Based Business Management Software of the Year - 2025
    ON THE DECK

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Modernizing Lending Through Innovative, Secure and Scalable Technology

    Modernizing Lending Through Innovative, Secure and Scalable Technology

    Steven Meek, Chief Information Officer, Pepper Money
    Advancing the Chemical Industry through Digital Transformation

    Advancing the Chemical Industry through Digital Transformation

    Jan Mandrup Olesen, Global Head of Digital Business, Indorama Ventures
    Cultivating a Sustainable Future through Collaboration

    Cultivating a Sustainable Future through Collaboration

    Jiunn Shih, Chief Marketing, Innovation & Sustainability Officer, Zespri International
    Mastering Digital Marketing Strategies

    Mastering Digital Marketing Strategies

    Tasya Aulia, Director of Marketing and Communications, Meliá Hotels International
    Building a Strong Collaborative Framework for Artificial Intelligence

    Building a Strong Collaborative Framework for Artificial Intelligence

    Boon Siew Han, Regional Head of Humanoid Component Business & R&D (Apac & Greater China), Schaeffler
    From Legacy to Agility Through Digital Transformation

    From Legacy to Agility Through Digital Transformation

    Athikom Kanchanavibhu, EVP, Digital & Technology Transformation, Mitr Phol Group
    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Change Management for Clinical Ancillary Teams: Aligning Practice with Policy and Progress

    Ts. Dr. James Chong, Chief Executive Officer, Columbia Asia Hospital – Tebrau
    Digital Transformation: A Journey Beyond Technology

    Digital Transformation: A Journey Beyond Technology

    John Ang, Group CTO, EtonHouse International Education Group
    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://cloud.apacciooutlook.com/cxoinsights/impact-of-cloud-advancements-on-financial-services-nwid-7543.html