Talk starts @ 2hr 41min 19secs (02:41:19)
On Tuesday 14th December 2021, our CEO See Wai Hun was invited to speak at the Virtual ADAPT International Convention 2021 organised by Juwai IQI. In line with their theme – Beyond the Pandemic: The Tech Intelligence Revolution, Wai Hun shed some valuable insights on “Moving Towards the Next Technology Frontier” and what businesses can expect and do to move forward in this tech intelligence digital landscape.
Wai Hun first began by talking about the Fintech landscape revolution, and how the industry has evolved and redefined itself over time, starting with Fintech 1.0, where much focus was placed on building infrastructure to support globalised financial services, moving to Fintech 2.0, the start of digitisation and finally, Fintech 3.0, the era of opening up regulations to encourage more Fintech players into the market Ever since the pandemic, the world has shifted in the acceleration of convergence between the digital space and the physical space, as proven by the significant increase of e-commerce sales, remote learning and online entertainment.
So, how do businesses reposition themselves in the post-pandemic era?
Wai Hun shared that businesses can steer themselves within the three phases of the pandemic, starting with the Respond Phase, followed by Recover Phase and the Renew Phase. The figure below shows the post-pandemic planning framework which companies and businesses can utilise to shape strategic responses through the three phases of business recovery.
Figure 1: Post-Pandemic Planning Framework. Source: Gartner 2021
What are the post-pandemic Fintech trends?
As the world moves to Fintech 3.5, three trends that Wai Hun highlighted were artificial intelligence (AI) and machine learning (ML), blockchain technology, and lastly, moving from product-centricity to service-centricity.
1. Artificial Intelligence (AI) and Machine Learning (ML)
The rise of AI and machine learning is going to change the way we view our world, such as using AI for credit and risk management, to improve customer service and customer experience, accelerate decision-making processes, and improve insurance claims.
Figure 2: The role of AI and Machine Learning in Finance
Artificial intelligence and machine learning will drive innovations and will continue to impact industries. Ever since the pandemic, the acceleration of technology adoption has led businesses to leverage AI to improve business outcomes and push for growth. For example, our AI solution, Juris Mindcraft uses data mining and machine learning to make predictive analyses and recommendations to assist banks and financial institutions in transforming their digital landscape.
2. Blockchain technology
Blockchain is the underlying technology that powers cryptocurrencies. Blockchain cancels the intermediaries and allows for the expansion of financial inclusion as it can be accessed from mobile.
Blockchain and Metaverse
Quoting from Mark Zuckerberg, the CEO of Facebook, Wai Hun shares that metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality, virtual reality, and cryptocurrencies that allows users to interact virtually. Wai Hun also mentioned that metaverse will open the gateway for Non-fungible Tokens (NFTs), digital assets that represent real-world objects such as in-game items, art, music and videos that can be bought and sold online, usually with cryptocurrencies. In simple terms, people can create digital products that is of value, and sell them online. In the future, ownership rights can be tokenised and will completely change how we perceive value.
3. Product-centric to service-centric
Wai Hun also mentioned that it is now more important than ever for companies and businesses to create a hyper-personalised customer journey, such as being able to adapt to the context and situation of the customer, be that financial, physical or virtual, in order to stay relevant in a constantly changing market and for continually evolving customer needs. For example, integrating an insurance premium into a subscription-based purchase (such as a car or phone).
“Transform or risk being irrelevant in the future.” – See Wai Hun, CEO of JurisTech & iMoney.
Wai Hun ended the session with a high note, reminding businesses and companies to continuously transform and be innovative instead of risking being irrelevant in the future. JurisTech would like to thank Juwai IQI for inviting us to take part in the webinar and we look forward to more in the future!
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.
As one of the Fintech pioneers in Malaysia, our vision is to enable financial inclusion for the financial industry with our diverse range of solutions. Check out our latest AI-powered technology Juris Mindcraft, which helps banks and financial institutions to transform their digital landscape.