Transforming talent to win the digital race

A FEW years ago, DBS took a page out of the Silicon Valley playbook and held a hackathon internally. Early in its digital journey, building technology literacy and creating a nimble culture was a top priority for this financial services leader in South-east Asia. The hackathon involved understanding technology and building skills in human-centred design to create an app – a process that sowed the initial seeds of digital thinking in the organisation.

The secret sauce for success in the banking, financial services and insurance (BFSI) sector has not changed since. It still has to do with how effectively companies can transform their technology, talent and culture. What has changed is the accelerated speed at which BFSI companies need to do this, as the customer journey leapfrogs digitally. Active digital banking users in Asia-Pacific (Apac) increased to 88 per cent, up from 54 per cent in 2017, according to McKinsey, with emerging markets becoming a “hub of banking innovation” for digital business models. Under the hood of BFSI’s rapid transformation is a story of skill reinvention, with talent at the centre of their success.

Here are 5 ways BFSI incumbents across Apac are turning talent into a strategic advantage, to win on the digital battleground.