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Best Practices Implementing Cutting Edge Tech in FSI

Richard Pain | March 28, 2017
Featuring advice from five of the leading experts in the FSI and technology sector today: DBS, Metlife, Hong Leong Bank and more ...

Juniper Networks LogoThis article is sponsored by Juniper Networks

The rush to implement cutting edge tech

This is part 2 of a 3 part series about innovation in the FSI sector. If you have not read it already, don't miss part 1: Asia's Most Innovative FSI Services. You can also read part 3 here: Driving Innovation with Legacy Systems in FSI

 

Whilst the FSI sector races to implement cutting-edge technologies such as AI, blockchain and automation, there are no mutually agreed upon set of best practices to implement these technologies. As a result, organisations are using their own blend of strategic initiatives and company culture to drive innovation, with varying levels of success. To help, this article features advice from five of the leading experts in the FSI and technology sector today.

 

Several of the most visible tactics to kick-start innovation in FSI organisations include launching innovation or incubation centres, launching hackathons, partnering with or acquiring start-ups, venture investment or simply trying to develop solutions in house. Whilst each of these approaches has potential, there is a risk that organisations fall into the trap of innovation theatre, in other words, failing to effectively integrate cutting edge technology into key business functions.

 

Advice from the Experts

 

"The issue is that when you are trying to trail blaze, there is no established framework for you to follow, no roadmap for how to get it right," says Thunaiselvam Ramasamy, Chief Architect at Juniper Networks. He explains that organisations in the FSI sector are impeded in driving innovation because of regulations, security, cost and complexity. "As a result, organisations need to follow an iterative process and find ways to lower their risk. The faster the iterative process, the lower the costs, risks and time to market."

Thunaiselvam Ramasamy

Above: Thunaiselvam Ramasamy, Chief Architect, Juniper Networks

 

Zia Zaman 

Above: Zia Zaman, Chief Innovation Officer, Metlife Asia

This is exactly the strategy that Metlife's Chief Innovation Officer, Zia Zaman follows. "At LumenLab, Metlife's Innovation Centre, we use a test-and-learn stage-gate process. What this basically means is we might launch 100 ships and expect that only 2 or 3 of them will come in. The other 98 will fail, but we'll learn something from each of those failures. Because disruptive innovation is, by its very nature uncertain, it requires an iterative approach where you test-and-learn, fail cheaply and fail forward, until eventually you find the one that works and you scale it."

 

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