Covering Disruptive Technology Powering Business in The Digital Age

Written by: Izzat Najmi, Journalist, AOPG.

The financial services sector is one of the many to have been so profoundly disrupted by open, collaborative digital technology as of late. Since there is ongoing pressure to modernise while protecting vast volumes of consumer and transactional data, many financial institutions are accelerating their digital journeys.

Traditional financial institutions, sometimes known as “incumbents,” once dominated the banking and financial services industry. Given their size and scope, these service providers held a number of advantages and were able to meet the needs of a significant portion of the market. However, the shifts brought about by digital transformation have exposed a chasm in the financial services industry in terms of user access and financial inclusion. For many, it is challenging to match customer expectations for adaptable, digital-first financial service experiences due to highly established operating models, processes, and infrastructure.

FinTech evolved as a response to fill this void, changing the game from what had previously been dominated by traditional financial systems due to the merging of technology and money.

High capital and regulatory requirements have historically been a barrier to entering the financial business. As a result of the gradual lowering of these entry barriers, however, new, tech-enabled entrants have emerged to disrupt established players in the financial services industry by disaggregating value chains.

As a result of the incumbents’ reluctance to adapt to changing market conditions, innovative FinTech companies have been able to disrupt the financial services industry and establish themselves as market leaders. These technologies include blockchain, AI, big data, and cloud computing.

NTT Ltd. Malaysia’s CEO, Henrick Choo, agreed to an interview with Disruptive Tech Asia so that he could tell our beloved readers more about the Malaysian financial services industry and how local businesses may succeed in today’s competitive market with the help of business and technology services like NTT’s.

The organisation has decades of experience delivering a digitally mature employee experience in the workplace to Malaysian financial services companies, as well as creating improved customer experiences, safeguarding systems and data, and more. The total cost of IT ownership is something NTT claims to be assisting with, along with adhering to stringent laws and risk management requirements and the rapid integration of cutting-edge technologies like cloud computing, big data analytics, and mobile devices.

Fintechs’ Main Struggles in Transforming Digitally

The approval of five new digital banking licensees by Bank Negara Malaysia is a major step forward for the development of Malaysia’s financial sector. The financial services sector will need to begin reinventing itself in order to improve its relevance, strength, and the ease of its transformation by adopting advanced cloud-based data-driven Customer Experience (CX) and Employee Experience (EX) capabilities.

However, this step forward in transforming digitally comes with challenges too. Henrick said, “This requisite to transform is not only driven by competitive threats but also wider cultural and environmental change. You need to cater to new ways of working for the latest workforce generation, equipping them to deliver more, with better employee experiences. You need to ensure you have the latest cybersecurity protection across an increasing number of threat surfaces.”

Fintech companies, moreover, must not dismiss sustainability as unimportant. Employees, customers, investors, and regulators all need to see evidence of your company’s dedication to doing good in the world for it to be taken seriously. If you want to keep up with the needs of your customers and the market, you’ll need to adapt your business and your technology skills so that they’re digital from the ground up. To create modern services that benefit the economy, the environment, and society as a whole, it is necessary to work together in an atmosphere of constant innovation and security.

In order to be relevant in the face of constant shifts in consumer and marketplace preferences, businesses must constantly adapt their operations and restructure their technology capabilities. Failure is possible if there is a gulf between a company and its customers, as well as a failure to adopt new technologies.

Henrick stresses to the readers that this is why it is crucial for businesses to sharpen their attention and direct their operations across robust, interconnected data, network, and technology systems. We know how important it is to connect all facets of your company with a shared vision of innovation and value delivery.

Consolidated, networked, adaptive, and robust technology that can quickly evolve without over-engineering is a primary indicator of this state of affairs. Propelling business and technology ecosystems forward with open, collaborative platforms that allow for scaled operations.

Thriving in Today’s Competitive Market

Today’s local firms can succeed in the market as there is an abundance of resources available to them. Henrick has been generous enough to share his thoughts on what he thinks are the most pressing issues for local businesses to address. His thoughts are:

• Data and digital infrastructure: Organisations need to be able to better harness data, and drive intelligent decisions, CX, and regulation.
• Continual disruption: Banks moving away from purely transactional apps, WFH continues, use of digital payments rises.
• New competitors: Offering enhanced CX and digital capabilities, forcing escalation in DX, data, and cloud.

The CEO of NTT Ltd. claims that the corporation has always been a reliable and consistent partner for change. They’ve been using a combination of change and innovation to help their customers make the transition from inflexible, unsafe, and unsecure legacy IT systems to more modern, safe, and adaptable ones. Edge-to-cloud service operation skills have been added to their repertoire of system integration skills, sector knowledge, digital consulting, app dev, and managed service prowess.

They are said to have a lot of resources at their disposal, including a robust network and infrastructure, a solid data architecture, and cutting-edge technological know-how.

“We build out from our traditional core of network, security, and infrastructure, bringing together data, analytics, cloud migration, and transformation – augmented by comprehensive managed services and driven across a secure global digital fabric,” Henrick said.

Henrick continued by noting that this highly flexible foundation enables NTT to respond to the increasingly complicated and diverse needs of customers around the world. They may create and improve cohesive applications for innovating, developing, and industrialising using microservices and associated technologies. NTT guarantees that it will provide the digital resources necessary for banks to develop innovative new business solutions.

Whatever new capabilities businesses wish to develop, business executives can engage with NTT as a unified partner because of their platform-derived infrastructure, network, data, apps, managed services, and business solutions, which are further layered with compliance and regulatory experience.

The Future of Fintech’s Digital Transformation

As the world evolves into a more digital era, NTT recognises the need for organisations to change. Their dream for the regional economy is to see businesses become more intelligent, intent-driven, and purposeful.

“It is important to target appropriate and relevant products to your customers, while also pivoting to create new revenue streams and make business models more ethically minded,” stresses the passionate Henrick.

It’s crucial to differentiate yourself from digital-first competitors and get deeply immersed in more aspects of your customers’ and clients’ life by recontextualising while making the most of your established position of trust. This requires a shift to a data-driven mindset across the board, from advertising and product development to strategic budgeting.

NTT has been around for quite some time, and in that time, it has become both a platform and a partner that can help you with every stage of your digital transformation, from digital consulting and application development to systems integration and managed services, and even the operation of your services from the edge to the cloud.

Henrick concludes the interview by stressing the benefits that can be gained by collaborating with industry leaders such as NTT to reimagine and reinvent the industry for present and future fitness and readiness, and to become more flexible, adaptable, resilient, connected, and innovative.

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