This article is authored by Teng Sherng (TS) Lim.
Teng Sherng (TS) Lim is the Chief Commercial Officer at ADVANCE.AI. He has over 30 years of experience in IT Technology and Services. Working with customers and leading teams across various geographies and functions, TS helps businesses in Asia Pacific and beyond address challenges in Cybersecurity, Financial Crime & Compliance, Fraud & Identity, Enterprise Applications and other business and technological areas.
As the first quarter of the year draws to a close, I'm keenly prompted by a moment of reflection on the rapid passage of time. With teams re-energized and plans gaining traction, end of quarter is often an opportune juncture to contemplate the strategies that will define success for the next few seasons of execution. This time, I am reflecting on the evolution of innovation in our industry and how some key dynamics will shape the rest of 2024.
Innovations evolve so fast that old ones are phased out even as new ones are introduced. Few industries are at the forefront of such dramatic changes as the Banking, Financial Services and Fintech Industries (I'd categorically use "BFSI" as a generic term to reference these industries in the rest of this article). Indeed, the industry has frequently catalysed progress, helping organisations and people manage economic and societal changes. With 2024 already in the present tense, what are some trends we can expect, and what can BFSI leaders do to capitalise on them? Allow me to share my own perspective of key dynamics to watch in 2024.
As we build the path into 2024 and beyond, the BFSI landscape stands at a pivotal juncture. Unprecedented technological potential converges with intricate ethical considerations, creating a dynamic and demanding environment. This calls for immediate action from financial services players to navigate the evolving landscape responsibly and ethically.
Going forward, firms should focus on two primary actions: firstly, invest in AI transparency and security to ensure that technological advancements are both understandable and safe for all stakeholders. This includes the development of explainable AI systems and the fortification of data protection measures. Secondly, fostering proactive collaboration with regulators and industry partners is essential. By engaging in dialogue and partnership, firms can steer the integration of AI technologies in a way that respects ethical boundaries and promotes inclusivity and accountability.
By taking these crucial steps, you can not only navigate the maze of evolving regulations and challenges but also actively shape the future of the BFSI landscape. As a united force, the industry can harness the power of AI responsibly, ensuring sustainable growth that aligns with broader societal values. Remember, the future is not predetermined – it's waiting to be shaped by your actions today.
The utopia will be one where everyone embraces the challenge, seizes the opportunity, and takes on a leading approach to shaping the responsible and ethical future of the BFSI sector.