|This week, Steve Monaghan, Chief Innovation Officer from DBS Bank in Singapore is sharing his time and experience with us on Financial Technology. He will present at the Financial Tech @ CeBIT Conference 2013 on 29 May at the Sydney Convention and Exhibition Centre.
Steve Monaghan, in this interview, explains the challenges of a complex financial Technology and the trends he sees influencing this industry.
1. Please briefly describe your role and responsibility at your organisation.
As Chief Innovation Officer for the Group I am accountable for building an innovation culture at DBS and driving ‘step change’ innovation initiatives across our various business groups and geographies.
2. What are you presenting at CeBIT Australia?
A core focus in innovation at DBS centers on changing customer experience in an impactful and meaningful way. I’ll be sharing some of our insights, learning’s and failures under the banner of “Looking From the Outside In – Driving Innovation From A Customer Perspective” at CeBIT.
3. What do you think are the main issues that people are facing in financial technology?
There are a broad range of issues in financial technology, from legacy to security. But from a customer perspective, simplicity is one of the key challenges. As an industry invested in complexity, how can we make banking contextual and easily actionable? There are enormous opportunities with emerging technologies to remove complexity in banking and provide customers with new interaction models.
4. Can you describe a current project you’re working on and how the solution/product is helping business to adapt to the challenges of financial technology?
Banking channels and instruments have grown over time requiring customers to learn disparate processes and shoulder the complexity of poor design. We have a number of convergent initiatives around simplifying and enriching customer interaction and engagement.
5. What do you see as the strengths for the Singapore and Australian industry; and how do these strengths compare globally?
Singapore and Australia both have strong banks and resilient markets in a well regulated environment. Globally these strengths give us a competitive advantage of a strong foundation from which to base our continued growth.
6. What trends do you see as influencing your industry?
Digital Darwinism is a key trend I see has having a high degree of influence in the financial industry. Banks are essentially secure information businesses with traditional distribution economics. As you’ve seen in other industries, as the digitization of business and channels accelerate, there are those whom will adapt well and those whom may no longer survive. The transition from traditional bank economics to information technology economics is both a key opportunity and at threat to traditional banking. Another key trend is the exponential growth of information available to customers to influence decision making. While information has become a commodity, insight remains invaluable.
7. What do you believe the future holds for financial technology?
The future is ours to create. Markets like Korea have already seen bank branch traffic reduce by 87%, presenting new challenges in reaching and selling to customers. While a new challenge for banking, there are many other industries whom have gone through similar transformations. One thing is certain, the future of financial technology is bright and growing brighter.
See Steve Monaghan, Chief Innovation Officer, DBS Bank (Singapore), at the Financial Tech Conference @ CeBIT Australia 2013 in Sydney on 28 – 30 May 2013.