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The financial services industry is experiencing a fundamental shift. New competition from fintechs, business operations, increasing regulation and compliance pressures as well as disruptive technologies are accelerating the journey towards building a successful digital ecosystem. As innovation in technology reshapes our lives and needs this will have an impact on the hyper-connected world as the norm, open banking services, engagement as a service and the rise of the ‘super-app’. Hence, financial institutions have to rethink legacy processes for a new digital reality. Technologies such as digital customer onboarding, and application programming interfaces (APIs) will make proprietary data available to anyone with the consumer's permission to access it. Scaling artificial intelligence (AI) solutions beyond robotic process automation (RPAs) brings efficiency. They operate in a hybrid, multi-cloud world, the disruptive and transformative nature of the blockchain, cryptocurrencies and the rise of decentralised finance and “DeFi” apps. In addition, stablecoin and blockchain tokenisation are the major innovations shaping the future of the global banking industry. The Asian Banker Financial Technology Innovation Awards programmes for 2021 have documented some of the best practices demonstrated by various financial institutions and their preparedness to compete and win in the post-COVID-19 digital world. To celebrate the achievements of these top performing institutions, the Financial Technology Innovation Awards ceremony will be held virtually on Thursday, 12 August 2021. As part of the ceremony, there will also be a dialogue session in which senior industry executives will share their insights and views on the current themes that are reshaping the financial services industry.
