FINANCIAL TECHNOLOGY: DIGITAL DARWINISM IS IN MOTION
Announcement posted by CeBIT Australia 2013 30 Apr 2013
MEDIA RELEASE
FINANCIAL TECHNOLOGY: DIGITAL DARWINISM IS IN MOTION
Sydney, 30 April 2013 – Almost a third of the Australian population is engaging in mobile banking as opposed to using desktop computers for financial services, according to data recently released by financial services consultancy MISC.*
In light of this, Steve Monaghan, Chief Innovation Office at Singapore-based DBS Bank and keynote speaker at next month’s Financial Technology conference at CeBIT Australia 2013, acknowledges the up-keep of fast-changing technologies is a taxing task for today’s banking sector, but one that must be adopted and in-fact embraced by banks nonetheless.
“There’s no disputing the fact that Digital Darwinism is in motion and it’s having a massive impact on how banks transact with customers and vice-versa. Mobile technology is undoubtedly one of the strongest tools available to banks battling for business nowadays,” said Mr Monaghan.
“There is a distinct confluence between customer, business and technology which requires different thinking and different skill sets to drive it.
“The computing power in the pockets of banking-customers is now equivalent to that which put man on the moon and therefore, implementing advanced technology solutions is no longer a support operation but a core competence to survive. Financial technology is not solely-owned by banks. It is co-owned by the customers of banks.
“In consumer banking, examples of technology implementation should now include gamification, augmented reality and instant rewards redemption. In corporate banking, the transformation of enormous amounts of data into insight and then into action is critical. But the heart of engagement is really about providing great experiences for customers.
“Australia is a relatively progressive market on the world stage. The Commonwealth Bank of Australia (CBA) is certainly recognised as an international-leader when it comes to the innovative use of technology in financial services. CBA has clearly identified many of the core themes that shape the industry and it will be interesting to see how the investments in technology made by CBA and other banks will ultimately provide sustainable capabilities to keep the banks’ business agile,” Mr Monaghan added.
Mr Monaghan will discuss all aspects of financial technology and its developments at CeBIT Australia 2013 on 29 May 2013. The Financial Technology conference at CeBIT will serve as an arena for open discussion on the integration of emerging technologies into existing infrastructures, big data analytics, mobile banking, cloud and more.
In agreement with Mr Monaghan, Jackie Taranto, Managing Director of CeBIT Australia 2013, said financial institutions must pay attention to consumers’ demands in order to maintain customers and security.
“Financial technology presents a conundrum that is not evident in other technology arenas. Whilst it is clear that banking institutions should embrace developing technologies, customer security is a non-negotiable component of business,” said Ms Taranto.
“The Financial Technology conference at CeBIT Australia 2013 will give senior-level executives a sound understanding of new technologies and how to integrate them effectively while maintaining security within an organisation,” she added.
An entirely business-focused event, CeBIT Australia 2013 will offer attendees a holistic and in-depth understanding of emerging trends and technological developments for the progression and enhancement of business models.
The three-day event will deliver insights into new business technology and innovations essential for organisations to remain cutting-edge in today’s fast-changing business landscape.
*Remote Banking Futures by financial services consultancy MISC (Market Intelligence Strategy Centre) - February, 2013.
CeBIT Australia – Darling Harbour Sydney – May 28-30 2013
FURTHER INFORMATION:
CeBIT
Verve Communications
Louise Di Francesco or Tom Hunter
E: louised@vervecommuications.com.au; tomh@vervecommunications.com.au
P: 02 8006 1929
M: 0448 877 222 (Tom)
About Hannover Fairs Australia
CeBIT Australia is organised by Hannover Fairs Australia, a wholly-owned subsidiary Of the global trade group company Deutsche Messe AG. Hannover Fairs Australia also assists Australian companies in attending other international events organised by Deutsche Messe AG across the world.
About CeBIT Australia
CeBIT Australia is Australasia's Number #1 Business Event, now in its 12th year. Since 2002, CeBIT Australia has attracted over 310,000 visitors from more than 100 countries, over 6,000 exhibitors from 36 countries, and 91 high-level government delegations from 29 countries. CeBIT Australia's Official Partner is the New South Wales Government.
CeBIT Australia 2013 will run from 28 - 30 May, in Sydney, Australia. More than 32,000 visitors and over 500 exhibitors are expected to attend.