TIBCO podcast highlights post-COVID technology essential for banks and fintech firms
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
In this podcast titled Bridging the Digital Gap: Humanizing the Banking Experience in the Post-Covid World, TIBCO partnered with Asian Banking and Finance to tackle the best solutions to stay up-to-date on the latest technological advancements in banking and financial technology (fintech) industry.
According to TIBCO’s Vice President of Solution Consulting in Singapore, San Zaw, customer intimacy, digital equity, and innovation are the things that industry watchers should be looking out for in this post-pandemic era.
“Personalised experience is table stake now. Two years ago, before COVID happened, this was a new thing. This was a competitive differentiator. Customers these days are more demanding. They're not easily pleased. They want more from the engagements,” he said.
“Retailers, for example, I expect to provide buy-now-pay-later services, which is a really hot topic amongst fintech and banks. To be able to offer this kind of services also increases the advantages of fintech or financial service organizations to keep up with the customer’s lifestyle,” he added.
Zaw also revealed the importance of modernising data fabric in every fintech and bank in order for their line of business users to easily access the right data they need in a timely manner.
“Every single fintech and bank that I'm speaking to these days, when they talk about innovation, the first topic that comes up is all about data. How are we modernising our data fabric? How are we making it easy for both our customers, as well as our lines of businesses, to get access to the data? So these are, I think, going to be important [in preparing ourselves for the new normal],” Zaw said.
He also underscored that modern fintech firms and banks should also have immersive analytics and cloud optimisation.
“Many banks have done really well in terms of having strong data science teams, and also have the right data lakes. But the challenge is how to make that in an easily consumable manner? There's a whole plethora of technology that's aiding in consumption. So immersive analytics through AI/ML is the second important building block,” he said.
For TIBCO, the vice president said that they continue to provide real-time data for making faster, smarter decisions in different industries. Their offerings include augmenting customer’s digital journeys by accelerating their innovation initiatives and reducing risks.
“TIBCO embraces open source technologies ourselves; we build many of our innovations and our technologies on open source. We also solve the hard problems in three particular areas so that customers can focus on the difference-making experience API's and data challenges,” he said.
TIBCO’s Connected Intelligence platform seamlessly connects any application or data source; intelligently unifies data for greater access, trust, and control; and confidently predicts outcomes in real-time and at scale.
“TIBCO provides a modern data fabric that gives an ease of access layer for big banks and businesses without having to rip and replace. We augment the data lake strategy, we augment all the investment they have done, but we specialise in that consumption aspect, we make consumption of data safe, easy to access and timely,” he said.
Zaw added that moving everything onto the cloud is easy. But deciding what to move there, how to be hosted there, and the interactions and managing the interactions that all that data has with the different APIs in the ecosystems are what makes it really complicated. Hence, he reminded banks to always get the right data.
“Don't let anything stand between yourself and the data. The technology is there today. There's no reason why you should wait a few hours or even a day, just to get the data you need in your hands and apply analytics in self-service. Let's talk about it. Let's see how we can help you,” Zaw concluded.