Covid fallout accelerating financial sector tech race

THE Covid-19 pandemic is accelerating the technology race in the financial sector as companies adapt to new operating parameters. Increasingly, these companies are deploying new technologies that are more cost-effective and can make sense of and act on huge swathes of data.

Financial sector players that have traditionally operated with cumbersome legacy systems are having to rethink how they can best compete. Technology as an enabler to capture new revenue streams, reimagine customer service and develop new products that meet changing demand is now more than ever a significant determinant of competitive edge.

Asean's financial sector is ripe for the deployment of new technologies with a rapidly growing socio-economic middle class and a relatively young demographic that is digitally savvy. That, combined with increasing intra-Asia capital flows, creates a significant opportunity in this region to take a leading position in costeffective, technology-driven business evolution.