Effects of the global pandemic have rippled out to cause shifts within various industries worldwide. As businesses innovate and adapt to the new normal, the financial sector has seen new customer demands and expectations of their financial services. In a media session, VMware shares its efforts to assist South-East Asian players in the financial sector through their digital transformations.
During the session, the Vice President and Managing Director of VMware SEAK revealed that 60% of ASEAN consumers put significant weight on a brand’s digital experience. Emphasising the need for financial services to accelerate innovation and begin their digital transformations to keep up with the demands of a new generation of customers. Customers who have been labelled “digital explorers” and are prepared to consume digital services.
Innovations are also necessary to facilitate the flexible work culture that the pandemic has brought on. Especially for the banking industry, the workflow never stops even in the middle of a global crisis.
VMware Lays the Foundation
“Gone are the days where people go to the bank,” stated Guru Venkatachalam, VMware APJ’s Chief Technology Officer. Customers are now demanding banking services to be delivered to them remotely, putting banks in the position of searching for solutions to cater to the demands of the masses.
VMware shares its vision to create a “connected, digital, customer-first experience in their attempt to aid the financial service industry.”
The briefing then discussed the challenges banks are facing to fulfil customer demand revolving around outdated legacy IT and applications, complex security and compliance procedures slowing them down alongside culture.
Financial services have opted to shift to the cloud to overcome the hurdles that the outdated infrastructure and applications have posed. A 2021 survey showed that 88% of financial service leaders prioritised the migration and modernisation of their legacy applications using the cloud.
Wanting and succeeding in leverage cloud functionalities and features are two different things. While financial services are willing, shifting to the cloud poses its challenges. Challenges such as cost, skills and security.
VMware solutions revolve around the “any, any, any strategy…helping customers deliver any applications, leveraging across any cloud and deliver to any device or any employee,” emphasised Guru.
‘Any applications’ - VMware Tanzu allows services to build, run and manage existing and new cloud-native applications.
‘Any cloud’ - VMware Cloud Foundation is a stack of solutions that runs on-prem or on the cloud service partnered with VMware to allow services the flexibility to use multi-cloud. Providing the financial services industry with consistent operations and infrastructure.
‘Any device’ – VMware Workspace ONE allows employees access to suitable applications on any device to deliver the right services to customers from any location.
Developments in Malaysia
The VMware country manager for Malaysia, Devan Parinpanayagam, shared that although Malaysians are digitally curious and open to engaging digitally, they emphasise security and privacy with aversions to AI.
Concerns that plague the financial service sector in Malaysia aren’t far off from those affecting other countries within the regions, such as dealing with the pandemic and keeping up with competition from Fintech companies.
Malaysian banks have taken a while to adjust to the new normal, to shift and ensure their infrastructures are better suited for the current times. It is now a matter of the norms that appear post-pandemic, with banks looking for agile solutions to satisfy their customers. Solutions that VMware provides.