As financial services institutions (FSI) transition from on-premise managed systems and networks to hybrid models, their threat boundaries will extend beyond centralised data and network operating models. With artificial intelligence (AI) now entering the mix as a catalyst, not having the digital systems in place to embrace AI will leave incumbents even further behind digital banks. Moreover, they will have to grapple with the complexities of adopting new technologies to streamline operations and optimise decision-making, as well as the escalating threats from operating online more than ever.
The region has witnessed a paradigm shift in the way financial services are delivered and consumed – with the emergence of digital banks gaining momentum. These tech-savvy institutions are not merely disrupting the industry, but are also driving a transformation in the banking sector by revolutionising customer experiences and introducing innovative solutions that meet the evolving demands of customers today.
As these financial players who are purely digital, gain momentum, incumbents find themselves at a crossroads. While pressured to embark on a digitalisation journey to remain competitive, this necessary transition also exposes them to a host of problems.
