The future is open and API-enabled.
Chun Man Hui, regional principal solutions architect at Software AG Asia, will join Asian Banking & Finance's inaugural Digital & Open Banking Conference on 27 November 2018 in Hong Kong.
A seasoned software solution professional with over 20 formidable years, Man Hui has worked with leading software companies like JDEdwards, PeopleSoft, Onyx, Staffware, TIBCO and Progress Software throughout his professional career.
Asian Banking & Finance caught up with Man Hui as he outlines his business philosophies, burgeoning trends in the region's banking landscape and vision of what the future of banking will look like.
What new digital innovations are shaping up the banking landscape in Asia today?
Banks are going through a significant transformation resulting from an array of technological innovations; and Asia is rising as a source of innovation. Asia’s financial services industry is booming , with innovations emerging in the region. For one , high mobile penetration is driving financial inclusion . The mind-set to transform and to transact 24/7 are key factors making Asia a hub for innovation . Furthermore, Asia’s financial institutions don’t have the same legacy systems as their western counterparts, which makes it easier for them to jump ahead and deliver cutting edge digital solutions.
These are the key technologies most prominently transforming the financial industry:
What do you think does the new future of banking look like?
The Future of Banking goes beyond financial services. The future of the banking ecosystem will look very different from what we see today. There is a unique opportunity to capitalize on the insights banks hold and the innovation that they can build, buy or collaborate with to become the central part of a consumer’s everyday life. Banks will leverage the power of customer insight, advanced analytics and digital technology to shape the future, including APIs for open banking. Which brings me to the answer to the next question.
Can you give us a glimpse of what you will talk about at the ABF Digital & Open Banking Conference 2018?
We will talk about the future of banking, which is OPEN. The interest in open banking started to gain momentum at banks in all regions of the world – including Asia. Open banking is the opportunity to fight for space in what McKinsey forecasts will be a $60 trillion digitally distributed consumer economy by 2025. Compare that to opportunity of trying to defend your slice of the current $4 trillion consumer banking market. And it is all enabled by APIs.
For many banks, there is limited experience in the use of open APIs by which to share data outside of the bank and develop new value propositions. And while open banking is nominally about open APIs, it is really about what the banking value proposition is now, and will become in the future. It is the creativity of the business and IT working together that will define how APIs can be published in order to create new value and ensure the bank’s continuing relevance and competitiveness. We believe open banking is the future. What is critical is that the API platform that is developed is scalable, controlled, governed, enables fast, repeatable solutions, and provides the ability for the business to measure monetization. and I hope to inspire attendees and help them prepare, plan, and take the next steps.
The inaugural Digital & Open Banking Conference 2018 will take place on November 27, 2018 in Hong Kong. To learn more about the event, click here. You may also contact Andrea at firstname.lastname@example.org or at +65 3158 1386 ext 212.
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