It was great to be in Singapore hosting an FSI Leaders Lunch for Thoughtworks. Our lead Thao Dang – Head of Data and Cloud – ThoughtWorks started the open discussions on…
Ecosystems are the reality of the market today — whether organizations want them or not. Organizations set out to build platforms that they control and expand, but the complicated reality of modern interconnected businesses is that often an ecosystem of diverse participants will emerge, and an organization will be forced to participate or lose its place in the market. The earlier you acknowledge that reality, the better placed you are to compete.
The opportunity is huge. Southeast Asia is one of the fastest growing regions with a GDP expected to reach $5 trillion in the next five years. This decade could mark a tectonic shift in digital banking for Southeast Asia, and there will be both challenges and opportunities along the way.
Traditional financial services firms are rapidly getting disrupted by challenger banks and non-traditional market entrants. The rise of new ecosystems is transforming customer interactions into hyper-relevant, personalized experiences to deliver new experiences to meet customers’ core needs.
Our group discussed:
- How is the shift from traditional to purpose-driven ecosystem financial enterprises models made these days? How can financial enterprises define an ecosystem strategy to fit their needs? What kind of models do enterprises try and test?
- How can financial services enterprises capitalize on an increasingly platform-enabled digital ecosystem? – Give technology-based use cases, people’s mindset transformation within the company to adapt to changes.
- Successful ecosystem drivers also offer their customers greater choice, even when those entails featuring competing offers. The platforms created by businesses are increasingly only a starting point. Meeting rising customer expectations often requires joining up with or being open to other participants, turning platforms into ecosystems of related products and services that evolve dynamically as constituents cooperate and compete.
- How is the ecosystem helping in the FSI’s overall growth aspirations? And what value are you seeing?