Is 2023 the year Southeast Asia’s financial services become future-ready?

gh inflation and rising interest rates. But those willing to push the digital envelope will find new pockets of growth to help them remain resilient and become future-ready. For this to happen, FSIs need their executives to embrace a digital-era transformative mindset – one that builds skills, flexibility and agility, preparing their organizations to pivot at any moment.This article is authored by Brian Thung, Managing Partner, EY Asean Financial Services Leader, Ernst & Young LLP.

In insurance, the shift to big data has opened the door for new sources of information that can be used to influence underwriting, rating and pricing – and support personalization. The region’s insurers know that the advanced analytics will play an important role in their future growth, but talent gaps, data availability and integration challenges are holding them back.

highlighted that 70% of data investments over the past decade are not reusable and do not address broader transformational capabilities., a flexible, cloud-native acceleration platform, is designed to enable end-to-end experiences through which FSIs can design, build, launch and enhance propositions, dynamically pivoting to customers’ ever-shifting expectations.

An FSI’s digital transformation efforts depend on hiring and retaining skilled talent in a competitive landscape. The growing need to upskill and reskill existing employees to address the skills gap, coupled with employees’ interest in advancing their own knowledge, highlights the importance of continuous learning across the organization.found that employees who feel like they strongly belong are three times as likely to stay with their current employer.

Mriganko Mukherjee, EY Asean Wealth and Asset Management Leader and EY Asia-Pacific Wealth & Asset Management Tax Leader.

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