Digital innovation: what can the West learn from the East?

Just like many other industries, finance is changing rapidly with the rise of new data-driven technologies and the implementation of new regulations that influence how financial data is treated and shared across industries. Now more than ever, data is a critical resource to resolve various problems, such as financial inclusion and health of citizens.

While incumbent banks around the world have exhibited responses that are still on the defensive side, some banks in the Asia Pacific Region have moved quickly to solidify an understanding that data-driven innovation and collaboration are the ‘name of the game’. We see examples of how they have started to solve their societies’ particular pain points through better, faster, cheaper products/services and ‘digital experiences’. Furthermore, banks in developing nations may have a particular advantage to leapfrog existing infrastructures and their shortcomings to address societal challenges through advanced technology.

In this fireside chat, Likhit Wagle of IBM and Professor Pinar Ozcan of Oxford Future of Finance and Technology Initiative will explore cases from the Asia Pacific Region to understand what strategies and organisational structures enable an effective transformation to become a data-driven innovation leader in banking.