Following a recent webinar on ‘Staying Ahead of the Game with Artificial Intelligence’, our CEO See Wai Hun was once again invited to shed even more insights on digital transformation. On 30th November 2021, JurisTech and PT Strategic Partner Solution (SPS) co-organised a webinar where Wai Hun spoke on how businesses can digitally transform themselves and stand resilient in an ever-changing financial ecosystem. As a technology service provider in Indonesia, SPS partnered with JurisTech to provide new digital transformation insights to financial institutions in Indonesia. What are the driving forces businesses should pursue to transform and remain relevant against the pandemic?
Wai Hun first walked through the history of the Fintech era sharing how the Fintech industry evolved over time, beginning from Fintech 1.0. Fintech 1.0 was the industrial era where technology infrastructures were being built to support globalised financial services. Fintech 2.0 was the age of digitisation characterised as a phase moving from analogue to digital. Accelerating to Fintech 3.0 marked the beginning of fintech regulations while also creating a market for the new and rising Fintech players.
Amidst the pandemic, many industries have been disrupted and shut down due to the closing of many economies. Wai Hun expressed how this in turn had created a convergence of digital and physical spaces shifting brick-and-mortar businesses to go digital. Wai Hun also shared how businesses can reposition and steer themselves within the three phases of the pandemic based on Gartner:
- Respond Phase: Immediate actions required to keep people safe and essential business functions operating.
- Recover Phase: Create a scalable plan to restart activities: reopen, rehire, rebudget, resupply.
- Renew Phase: Use learnings and emerging patterns from prior phases as elements of a new foundation.
“To become digital, you need to break down silos and build a strong digital culture” – See Wai Hun
Wai Hun then moved to enlighten the audience with 9 characteristics businesses should enforce to drive their digital business success (shown below in figure 3). She further accentuates the importance of instilling these characteristics into a business let alone, progressively developing them in order to achieve digital success.
Wai Hun also shares some captivating examples of businesses such as Levi’s who leveraged their e-commerce business after seeing their digital revenue spiking by 50% during the pandemic. This drove them to focus their effort on digital transformation, enhancing their services and customer touchpoints such as a virtual closet experience via Snapchat, virtual concierge for customer interactions, and ‘buy online, pick-up in store’ capabilities to enforce social distancing and enable customers’ flexibility to shop.
For businesses seeking to digitally transform themselves, Wai Hun shares the importance of partnering with the right technology vendor to drive their digital transformation and ensure their business success. JurisTech has been a technology driver for over two decades providing software solutions to some of the biggest financial industry players in the market and transforming businesses to achieve operational and digital excellence. Some of the notable solutions Wai Hun shares that have helped transform many financial institutions are:
- Juris Access – a customer onboarding platform that focuses on service-centricity to best determine an array of financial products suited for a customer.
- Juris Origination – a loan origination system with prescriptive analytics capabilities to check the eligibility of the borrower and suggest the next best action insights to automate decision making.
- Juris Collect – an enterprise debt collection system that manages debt recoveries with a collaborative framework for a seamless business digital transformation.
During the webinar, the audience were also engaged with some pop quiz questions throughout the presentation for a chance to win Grabfood voucher prizes. The webinar then concluded in a fruitful Q&A session as Wai Hun ended the presentation on a high note and reminded them of transforming today than risking to be irrelevant in the future.
To learn more about JurisTech’s solutions and how it can help drive your digital success, visit our solutions page.
JurisTech (Juris Technologies) is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond.