Despite early apprehensions about an economic recovery in 2024, we continue to see continued investments in digital transformation initiatives by the financial services sector in Asia. We continue to see digital services rising on the back of maturing understanding and adoption of technologies like analytics, cloud and mobility. Targeted outcomes continue to be efficiencies, convenience and accessibility.

However, some innovations like artificial intelligence and even digitalization bring with them new risks in areas like cybersecurity, operational resilience and ethics.

In this PodChats for FutureCIO, we are joined by Joseph Lo, Head of Enterprise Platforms at Broadridge, who will share his views on what he sees are key financial services transformation trends in Asia in 2024.

1.       Give us a state of the financial services industry (FSI) in Asia today? To what extent has digital transformation become the norm for these?

2.       How are FSIs balancing the aspiration to go digital against the need to deepen customer connection?

3.       As banks evolve (and mature in their use of technology), some risks get amplified. How are banks addressing the risks that come as a result of going digital/modernization?

4.       The FSI is one of the most regulated sectors. How do FSIs push the boundaries of innovation using emerging technologies like AI while recognizing that any new innovation needs to be aligned with regulation.

5.       Speaking of technology, there is genuine interest in adopting new technologies like AI. How should FSIs, particularly those with legacy systems and technologies in place, safely address the issue of integrating new technologies with legacy ones, while minimizing any potential disruption?

6.       In recent years, we’ve seen a spate of disruptions at major banks in Asia. A number of these due in part to technology and/or process issues. Are systems and processes today so complex, they are leading to unplanned disruptions? What can be done to minimize/mitigate these?

7.       What do you see will be key issues and trends that CIOs need to be aware of in 2024 and beyond?