TRUST: Redefining Partnerships, Platforms, and Customer Experience
The 2017 edition of IDC Financial Insights' Asian Financial Services Congress (AFSC) is brought to market amid unpredictable-yet-momentous developments in the world.
Our theme this year is grounded on the fundamental, oft-neglected premise of financial services – TRUST. The undercurrents of our industry are driven by the perception of Trust, the unseen force that anchors the business of banks, insurance and capital market firms despite the disruptive trends that confront us.
Trust, too, will also be the foundation for how we remake the industry. It is the basis for how FSIs “engage” in the near-future – be it in teaming up with regulators, partners, fintechs, and vendors, or reaching our customers. The role of multilateral Trust will be increasingly evident in how we build business through co-opetition and shared economies, how we support APIs and open-banking concepts, and how we fast-track integration of external innovators with the financial institutions.
The financial services industry has come to the realization that winning the uncertain future will be dictated by how well it can leverage on trusted partners to build a platform that truly responds to customer needs. Such platforms need to be accessible, scalable and collaborative, too.
There is no better time than now for the industry to rethink how trust will bring us back to the fundamentals, but also redefine financial services of the future. In AFSC 2017, we will examine this premise through the following seven ideas:
- A clear digital investment strategy will grow – and enforce – trust and confidence of customers.
- Financial institutions will now allow trusted third-parties and external competencies into their ecosystem of products, services, customer services, and data assets.
- 2017 will see the creation of a “winner takes most” platform in financial services that responds to diverse financial and lifestyle needs of the customer.
- Financial institutions will have to build safe, reliable, and trusted technology platforms.
- The era of customer choice and privacy begins with how financial institutions allow customers more – not less – control of their data. Furthermore, digital identity integration will have to be a principal pursuit of the today’s enterprise.
- Compliance requirements will remain unpredictable but can be a driver to provide meaningful, trusted financial advice.
- The industry will readily available new technologies like artificial intelligence, virtual reality, Internet-of-Things, blockchain and augmented realities to integrate financial services seamlessly into our consumers’ daily routines.
At the Asian Financial Services Congress 2017, you will discover that there is no one-size-fits-all solution to the needs of our time. But trust remains the non-negotiable for our industry. Our commitment to you -- through our speakers, moderators and analysts -- is to set you on the right path to your organization’s unique future in digital financial services.