Morgan Philips Group acquires Hudson’s operations in Europe
Swept aside by digital innovation, traditional retail banking is threatened with obsolescence if it doesn’t quickly evolve. The Asia-Pacific region is establishing itself as the model when it comes to digitalization of banking relationships. The change is underway; here we show you the mechanisms of Asian digital banking.
The evolution driving traditional banking towards digital banking falls within a long term vision. For several years now, Asian banks have been putting digitalization as one of the priorities for top management. Where Europe and America still separate digital strategy from corporate strategy, in the Asia-Pacific region these are combined, in order to build a global strategy looking to the future – at the forefront of technology. Digitalization is not just a tool but a totally new client process, which will lead to profound changes.
While the digital versions of European banks are still concentrating on the evaluation of products, digital Asian banks are setting up a real multi-channel client experience by bringing together online and mobile device channels on a single platform. This reinforcement is also made via the integration of social networks, largely overlooked by banks, with the objective of co-creation.
Banking co-creation consists of creating communities of people, of stake-holders and of companies, likely to maximize added value. This results noticeably in the development of products and services by consumers and so which meet their expectations. Co-creation forms the desired end-game of the multi-channel experience. Integration from the client’s point of view will bring fundamental change the banking process. To achieve these objectives – three priorities:
For a digital channel strategy to work there is a pitfall which it is imperative to avoid – complex IT systems. The best features are offered by banks which opt for a simplified platform, and the multi-channel experience is better for it.
The necessity to secure data is proving to be a major issue for digital banking. It is essential to integrate risk and compliance into the full life-cycle of digital technology.
Thinking about digital strategy must become part of overall corporate strategy, not just simple communication strategy. This alignment is a reflection of the willingness to promote co-operation and commitment at the top of the hierarchy.
Singapore is working with the main Asian banks and supplying them with the talent currently contributing to the digital revolution.
Despite the presence of quotas limiting the number of foreigners working in companies; banks, insurance companies and financial institutions remain extremely keen on international profiles. Europeans, Americans and Australians are particularly known for their analytical skills and their initiative. Today the banking sector has a demand for candidates able to see projects through to the end. They must be sensitive to intercultural management and have a good understanding of the codes of different nationalities in order to be able to work in a cosmopolitan team. And, the sine qua non – they must know Asia.
Singapore is a global financial centre. The employment market in the financial sector presents numerous challenges. To this must be added the desire of companies to limit the number of permanent staff. More assignments than positions are on offer. In order to better respond to our clients’ needs, Morgan Philips Singapore is using a hand to hand process – talents sign a contract with us and we in turn deploy them with our clients, who are reassured by Morgan Philips’ international experience. In fact, the recruitment market was regulated in Singapore no more than three years ago. Financial institutions demand a guarantee of quality before signing a contract; we understand this and have responded accordingly.