Finance For The Future
A key message that Emil Chan, Chairman of the Association of Cloud and Mobile Computing Professionals, stresses is that the banking sector needs technology like never before. Not just today, but in the future.
?On top of the traditional need of using technology to increase productivity and security level, banks need new technology to enhance customer relationships as there are more over-the-top competitors from other industries who are penetrating to the industry by providing better service.?
Emil Chan has more than 20 years' experience in establishing and managing IT and banking operations of leading international banks - as well as advising and managing technology start-ups and listed companies.
He founded Firmus Asia Company Limited, a Hong Kong-based IT consulting company around three years ago. He is a lecturer on a part-time basis, and has given talks at a number of high profile universities and colleges. Emil is also a corporate consultant with diversified expertise in management, financial products, eCommerce and Internet applications. He has experience in designing, launching, leading and managing regional offices in Asian countries as well as aligning IT with other business units using an enterprise-wide point of view.
Emil will be coming to the Cloud Expo Asia Hong Kong event which is taking place on two days between 18th and 19th May 2016. He will be looking at the impact of Cloud and Fintech to Hong Kong?s Economy. Emil believes that the future of Fintech ? financial technology ? is a vital tool for banks to use.
?As we are using Internet more often these days and mobile devices have already change the landscape of how people do business, we do not have to do banking the same way as the traditional way. Banks must use Fintech in order to maintain competitiveness.?
With that in mind, Emil explains that the main problem in this sector isn't the technology, but the fact that some organisations are unwilling to move with the times. ?Although technology improves from time to time, the core issue is not on the technology itself. The main problem is the reluctancy of change! As banks are mostly the ?Rent Seekers? who are well protected by the legal system, there is not enough driving force for them to change. Banks may have to evolve themselves from providing only financial services to a full-fetch solution. For example, major banks in China are already providing eCommerce platforms for their existing clients.?
Taking that on board, banking technology is set to remain and evolve. ?As Brett King said, "Banking is No Longer Somewhere You Go But Something You Do?,? says Emil. ?There will be many new business models on banking that make good use of Internet, Cloud computing, big data and last but not least, block chain to disrupt the industry with customer behaviour change and a shift in technology. Sharing Economy will also play a significant role as new models of P2P lending, crowd funding and credit scoring system will only be getting better and more solid.?
Emil Chan is speaking in the Big Data & Analytics + the Internet of Things Theatre on Thursday 19th May at 14:05 pm