Bridging-the-Gap-How-to-Make-Cybersecurity-Relevant-to-Business-Leaders
Bridging the Gap: How to Make Cybersecurity Relevant to Business Leaders

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Cybersecurity is essential to every organisation’s resilience, yet it often fails to resonate with business leaders focused on growth, innovation, and customer satisfaction. The challenge lies in connecting cybersecurity with these strategic goals. To bridge this gap, it is important to shift from a purely technical view of cybersecurity to one that aligns directly with business objectives.

Here are 5 impactful strategies to make cybersecurity relevant and valuable at the executive level.

1. Elevate Cybersecurity as a Pillar of Business Continuity

Cybersecurity is not just a defensive strategy; it is a proactive investment in business continuity and success. Leaders who see cybersecurity as foundational to business continuity protect more than just digital assets – they safeguard brand reputation, customer trust, and operational resilience. By framing cybersecurity as essential to keeping the business running smoothly, leaders can shift the focus from reactive problem-solving to proactive resilience planning.

For example, rather than viewing cybersecurity incidents as isolated IT issues, organisations should see them as risks that could disrupt critical business functions, halt operations, and destroy customer loyalty. By integrating cybersecurity into continuity planning, executives can ensure that security aligns with growth and operational stability, reinforcing the organisation’s ability to adapt and thrive in a constantly evolving threat landscape.

2. Translate Cyber Risks into Business-Relevant Insights

To make cybersecurity resonate with business leaders, technical risks need to be expressed in terms that directly impact the organisation’s strategic goals. Executives are more likely to respond to cybersecurity concerns when they understand the financial, reputational, or operational impacts of cyber threats. Reframing cybersecurity risks into clear, business-oriented language that highlights potential disruptions, regulatory implications, and costs helps leadership see cybersecurity as part of broader risk management.

For instance, rather than discussing a “data breach vulnerability”, frame it as a “threat to customer trust and a potential multi-million-dollar regulatory liability”. This approach contextualises cyber risks in terms of real-world consequences, helping leadership to recognise that cybersecurity investments are risk mitigations that protect revenue, brand equity, and shareholder value.

3. Build Cybersecurity into the DNA of Innovation and Product Development

Cybersecurity must be a foundational element in the innovation process, not an afterthought. When security is integrated from the early stages of product development – known as “shifting left” –  organisations can reduce vulnerabilities, build customer trust, and avoid costly fixes post-launch. This approach helps businesses to innovate with confidence, knowing that new products and services meet both customer expectations and regulatory requirements.

By embedding security in every phase of the development lifecycle, leaders demonstrate that cybersecurity is essential to sustainable innovation. This shift also empowers product teams to create solutions that are both user-friendly and secure, balancing customer experience with risk management. When security is seen as an enabler rather than an obstacle to innovation, it becomes a powerful differentiator that supports growth.

4. Foster a Culture of Shared Responsibility and Continuous Learning

The most robust cybersecurity strategies extend beyond the IT department, involving everyone in the organisation. Creating a culture where cybersecurity is everyone’s responsibility ensures that each employee – from the front lines to the boardroom – understands their role in protecting the organisation. This culture is built through continuous education, regular simulations, and immersive training that makes cybersecurity practical and engaging.

Awareness initiatives, such as cyber escape rooms and live demonstrations of common attacks, can be powerful tools to engage employees. Instead of passive training, these methods make cybersecurity tangible, showing employees how their actions impact the organisation’s security posture. By treating cybersecurity as an organisation-wide effort, leaders build a proactive culture that treats security not as an obligation but as an integral part of the business mission.

5. Leverage Industry Partnerships and Regulatory Compliance for a Competitive Edge

As regulations around cybersecurity tighten, especially for critical sectors like finance and infrastructure, compliance is becoming a competitive advantage. By proactively meeting and exceeding regulatory standards, organisations can position themselves as trusted, compliant partners for clients and customers. Additionally, building partnerships across the public and private sectors offers access to shared knowledge, best practices, and support systems that strengthen organisational security.

Leaders who engage with regulatory requirements and industry partnerships not only stay ahead of compliance but also benefit from a network of resources that can enhance their cybersecurity strategies. Proactive compliance, combined with strategic partnerships, strengthens organisational resilience and builds market trust. In doing so, cybersecurity becomes more than a safeguard; it’s an asset that supports brand credibility, customer loyalty, and competitive differentiation.

Conclusion

For cybersecurity to be truly effective, it must be woven into the fabric of an organisation’s mission and strategy. By reframing cybersecurity as a foundational aspect of business continuity, expressing cyber risks in business language, embedding security in innovation, building a culture of shared responsibility, and leveraging compliance as an advantage, leaders can transform cybersecurity from a technical concern to a strategic asset. In an age where digital threats are increasingly complex, aligning cybersecurity with business priorities is essential for sustainable growth, customer trust, and long-term resilience.

The Resilient Enterprise
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AI-in-Healthcare
AI in Healthcare: Success Stories & Insights

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Over the past year, Ecosystm has conducted extensive research, including surveys and in-depth conversations with industry leaders, to uncover the most pressing topics and trends. And unsurprisingly, AI emerged as the dominant theme. Here are some insights from our research on the Healthcare industry.

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Click here to download ‘AI in Healthcare: Success Stories & Insights’ as a PDF

AI is transforming the healthcare industry, offering unprecedented opportunities to improve patient outcomes and streamline operations. However, the successful implementation of AI in healthcare is not without its challenges. Those who can navigate these complexities and harness the power of AI will emerge as industry leaders, driving innovation and shaping the future of healthcare.

Biggest AI Barriers in Healthcare

Despite the challenges, Healthcare organisations are witnessing early AI success in these 3 areas:

  1. 1. Diagnostics
  2. 2. Care Management
  3. 3. Operational Efficiency & Optimisation

Diagnostics

  • Image Analysis. Analysing medical images (e.g., X-rays, MRIs) to detect diseases and abnormalities
  • Diagnosis. Assisting clinicians in identifying and diagnosing diseases
  • Early Detection. Detecting diseases at an early stage for more effective treatment

“Diagnostics is where our AI journey began – starting with image analysis for eye diseases, evolving to x-ray screening tools, and most recently, investing in digital stethoscopes for our doctors and nurses.” CLINICIAN LEADER

Care Management

  • Clinical Decision Support. Providing clinicians with recommendations and insights to improve patient care
  • Personalised Treatment Plans. Personalising treatment protocols based on patient data and genetics
  • Chronic Disease Management. Monitoring chronic diseases over multiple years

“Clinical decision support isn’t new, but AI has revolutionised it by enabling the system to send alerts and warnings proactively, rather than only when prompted.”CLINICIAN LEADER

Operational Efficiency & Optimisation

  • Supply Chain Management. Optimising inventory and supply chain processes
  • Appointment Scheduling. Automating appointment booking and management
  • Workflow Optimisation. Streamlining workflows and improving efficiency of clinical staff

“Patient satisfaction extends beyond clinical outcomes.  Aspects like shorter waiting times during appointments, the availability of medications, and automated responses to common queries significantly enhance patient satisfaction. These are areas where we have successfully implemented AI.”COO

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AI in Retail: Success Stories & Insights

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Over the past year, Ecosystm has conducted extensive research, including surveys and in-depth conversations with industry leaders, to uncover the most pressing topics and trends. And unsurprisingly, AI emerged as the dominant theme. Here are some insights from our research on the Retail industry.

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Click here to download ‘AI in Retail: Success Stories & Insights’ as a PDF

From personalised product recommendations to predictive analytics, AI is helping retailers deliver exceptional customer experiences and optimise their operations. However, many retailers are still grappling with the complexities of AI implementation. Those who can successfully navigate this challenge and harness the power of AI will emerge as industry leaders, driving innovation and shaping the future of retail.

Biggest AI Barriers in Retail

Despite the challenges, Retail organisations are witnessing early AI success in these 3 areas:

  1. 1. Customer Experience & Engagement
  2. 2. Supply Chain Optimisation
  3. 3. Fraud & Risk Analysis

Customer Experience & Engagement

  • Conversational AI. Providing real-time customer support and answering queries
  • Personalisation. Offering tailored product suggestions based on customer preferences and behaviour
  • Virtual Try-On. Allowing customers to visualise products in different settings using AR

“AI has helped us to refine our customer chatbots to allow for more self-service. We’ve experienced faster customer order processing and quicker resolution of issues, putting control directly in the hands of our customers.” CX LEADER

Supply Chain Optimisation

  • Inventory Management. Automating inventory management processes to ensure optimal stock levels
  • Supply Chain Visibility. Monitoring and optimising supply chain operations, including logistics and distribution
  • Demand Forecasting. Predicting sales and demand trends to optimise inventory and production planning

“We use AI to optimise the supply chain, saving operational costs. Digital supply chains and cloud-based tracking systems streamline operations and enhance efficiency.” – CFO

Fraud & Risk Analysis

  • Fraud Detection. Identify and prevent fraudulent activities, such as online fraud and chargebacks
  • Risk Assessment. Assessing risk factors associated with customer transactions and preventing losses
  • Customer & Market Insights. Understanding customer behaviour, market trends, and growth opportunities

“With eCommerce as a key market force, understanding customer habits is crucial to ensuring we have the right products in stock and optimising our pricing strategy.”COO

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AI in Manufacturing: Success Stories & Insights

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Over the past year, Ecosystm has conducted extensive research, including surveys and in-depth conversations with industry leaders, to uncover the most pressing topics and trends. And unsurprisingly, AI emerged as the dominant theme. Here are some insights from our research on the Manufacturing industry.

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Click here to download “AI in Manufacturing: Success Stories & Insights” as a PDF

AI is revolutionising production lines, supply chains, and product development in the manufacturing sector. Yet, many manufacturers find themselves stuck between ambition and execution. Those who bridge this gap will gain a competitive edge, driving innovation and leading the industry forward.

Biggest AI Barriers in Manufacturing

Despite the challenges, Manufacturing organisations are witnessing early AI success in these 3 areas:

  1. 1. Quality Control & Assurance
  2. 2. Supply Chain Management & Optimisation
  3. 3. Process Automation & Efficiency

Quality Control & Assurance

  • Defect Detection. Identifying defects in products and improving quality
  • Product Inspection. Implementing AI-powered vision systems to inspect products and ensure they meet quality standards
  • Data Analysis. Analysing operational data and customer feedback to identify operations and product issues

“AI is the future of design. It streamlines the design process, leading to faster time-to-market and superior products.”OPERATIONS LEADER

Supply Chain Management & Optimisation

  • Inventory Management. Optimising inventory levels and reducing costs
  • Supply Chain Visibility. Gaining real-time visibility into supply chain operations
  • Demand Forecasting. Predicting demand for products to improve production planning and inventory management

“By leveraging AI, we’re not just optimising our supply chain; we’re pioneering sustainable practices to reduce our carbon footprint.”CIO

Process Automation and Efficiency

  • Process Optimisation. Identifying areas for improvement and potential operational bottlenecks
  • Predictive Maintenance. Predicting equipment failures and preventing downtime
  • Customer Feedback Analysis. Analysing customer feedback to improve design processes, products, and services

“Our goal is to build intelligent manufacturing plants. By proactively monitoring equipment health, we minimise downtime and maximise productivity – we have set a new internal standard for operational efficiency in the last two years.”HEAD OF PRODUCTION

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AI in BFSI: Success Stories & Insights

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Over the past year, Ecosystm has conducted extensive research, including surveys and in-depth conversations with industry leaders, to uncover the most pressing topics and trends. And unsurprisingly, AI emerged as the dominant theme.

Here are some insights from our research.

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Click here to download ‘AI in BFSI: Success Stories & Insights’ as a PDF

From personalised recommendations to streamlined operations, AI is transforming the products, services and processes in the BFSI industries. While leaders realise that AI holds significant potential, turning that potential into reality is often tough. Many BFSI organisations struggle to move beyond AI pilots because of some key barriers.

Biggest AI Barriers in BFSI

Despite the challenges, BFSI organisations are witnessing early AI success in these 3 areas:

  1. 1. Customer Service & Engagement
  2. 2. Risk Management & Fraud Detection
  3. 3. Process Automation & Efficiency

Customer Service & Engagement Use Cases

  • Virtual Assistants and Chatbots. Delivering real-time product information and customer support
  • Customer Experience Analysis. Analysing data to uncover trends and improve user experiences
  • Personalised Recommendations. Providing tailored financial products based on user behaviour and preferences

“While we remain cautious about customer-facing applications, many of our AI use cases provide valuable customer insights to our employees. Human-in-the-loop is still a critical consideration.” – INSURANCE CX LEADER

Risk Management & Fraud Detection Use Cases

  • Enhanced Credit Scoring. Improved assessment of creditworthiness and risks
  • Advanced Fraud Detection. Easier detection and prevention of fraudulent activities
  • Comprehensive Risk Strategy. Assessment of risk factors to develop effective strategies

“We deployed enterprise-grade AI models that are making a significant impact in specialised areas like credit decisioning and risk modelling.” – BANKING DATA LEADER

Process Automation and Efficiency

  • Backend Process Streamlining. Automating workflows and processes to boost efficiency
  • Loan & Claims Processing. Speeding up application and approval processes
  • Invoice Processing. Automating invoice management to minimise errors

“Our focus is on creating a mindset where employees see AI as a tool that can augment their capabilities rather than replace them.” – BANKING COO

Singapore Fintech Festival 2024
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5 Key Trends Shaping Crypto Landscape

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The cryptocurrency industry is no longer just a niche market; it’s a burgeoning global financial force, poised to reach a staggering USD 11.7 billion by 2030. Fuelled by rapid technological advancements, evolving regulatory landscapes, and increased mainstream adoption, the sector is facing both unprecedented challenges and exciting opportunities. As blockchain and digital currencies continue to disrupt traditional finance, understanding the key trends driving these changes is essential for anyone navigating the crypto ecosystem. 

#1 AI’s Game-Changing Impact on Crypto Exchanges 

AI is revolutionising the way crypto exchanges operate – from enhanced efficiency and security to a more personalised user experience.  

One of the most significant contributions of AI is the use of automated trading bots. These bots can analyse vast amounts of market data, predict price movements, and execute trades with precision, often outperforming human traders. By operating 24/7 and eliminating emotional biases, AI-powered bots offer a significant advantage in the fast-paced world of cryptocurrency trading. 

AI also plays a crucial role in improving security on crypto exchanges. By using machine learning algorithms to monitor and analyse transaction patterns, AI can identify and mitigate the risks of hacks and fraud, which have plagued the cryptocurrency space for years. For example, in 2023 alone, crypto scams led to losses of over USD 5.6 billion in the US. 

AI personalises the user experience by offering tailored recommendations based on individual trading behaviour. Additionally, AI performs market sentiment analysis by processing unstructured data from social media, news outlets, and other online platforms, providing valuable insights into market trends. AI also plays a crucial role in improving security on crypto exchanges.  

 #2 Global Cryptocurrency Regulations: A Maturing Landscape 

Cryptocurrency regulations are evolving rapidly around the world as governments strive to manage risks and protect consumers. The Markets in Crypto-Assets (MiCA) regulation in the EU is a significant milestone, requiring licensing for all crypto firms operating within the bloc and mandating stringent consumer protection measures, including capital requirements for stablecoins. 

In the US, efforts like the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act are expanding oversight of the industry and clarifying the roles of different regulatory bodies. Similar regulatory movements are underway across Asia. Japan has recognised crypto as legal property, and South Korea passed the Virtual Asset Users Protection Act to increase transparency. However, countries like China and India maintain restrictive approaches, with bans on trading and mining. 

Brazil’s 2023 Cryptoassets Act demonstrates the global trend towards more robust regulation, aiming to prevent fraud in the crypto sector.  

#3 Mergers and Acquisitions: A Strategic Play in the Crypto Space 

As traditional financial institutions race to embrace the digital asset revolution, mergers and acquisitions are becoming a strategic tool to gain a foothold in the cryptocurrency market. By acquiring crypto companies with real-world applications and robust infrastructure, these institutions aim to expand their digital asset capabilities and stay ahead of the curve. 

Examples like Ripple’s acquisition of Metaco and Coinbase’s purchase of One River Digital highlight the growing interest in integrating traditional financial services with blockchain technology. These M&A deals not only enhance service offerings but also facilitate entry into new markets and the development of innovative solutions. 

Looking ahead, we can expect to see even larger financial institutions playing a more active role in crypto mergers and acquisitions. As the demand for scalable, compliant blockchain solutions continues to grow, strategic partnerships and acquisitions will become increasingly important in paving the way for broader adoption of digital assets. 

#4 CBDCs and Stablecoins: A New Era in Digital Finance 

Central Bank Digital Currencies (CBDCs) are gaining significant traction, with 86% of central banks actively exploring their potential. Major economies like the UK, EU, and US are in various stages of CBDC research and development, carefully considering privacy concerns, financial stability, and the impact on commercial banks. Smaller nations like the Bahamas, Nigeria, and Jamaica have taken the lead, launching CBDCs to serve as digital alternatives to traditional fiat currencies. 

In the private sector, stablecoins have experienced substantial adoption. Major financial institutions and payment providers are integrating stablecoins like USDC and Tether (USDT) into their services, processing billions in daily transaction volume. This growth has prompted regulators worldwide to develop comprehensive frameworks, such as the EU’s MiCA regulation and similar efforts in the UK and US. These regulatory initiatives aim to provide clear guidelines while fostering innovation. 

As traditional financial institutions explore stablecoin integration for both retail and wholesale applications, the future of digital finance looks increasingly promising.  

#5 The Focus on User Experience and Security 

As the crypto landscape continues to evolve, the focus on user experience and security has never been more critical. Cyberattacks are becoming increasingly sophisticated, targeting crypto exchanges and DeFi platforms alike. Historically, the industry has been developer-centric, with little attention paid to creating intuitive platforms for everyday users. However, as more consumers embrace blockchain-based financial services, there is a growing demand for seamless, user-friendly interfaces. 

Security is another major concern. High-profile hacks and fraud have tarnished the reputation of the crypto industry, leading to skepticism among users and regulators. DeFi platforms, in particular, have been frequent targets due to vulnerabilities in smart contracts. To foster widespread trust and adoption, the industry must prioritise integrating security features by design, such as blockchain analytics for detecting fraudulent activities and advanced risk management tools. 

Emerging technologies like social recovery wallets, which help users regain access to lost funds, and improvements in blockchain scalability and efficiency, will be instrumental in attracting more mainstream users.  

Crypto’s Future: A Balancing Act 

The future of the crypto industry hinges on its ability to strike a delicate balance between innovation, regulation, and security. As digital assets become more deeply integrated into mainstream finance, we can expect to see a surge in tokenised real-world assets, stablecoins, and central bank digital currencies. 

Collaboration between regulators, financial institutions, and tech innovators will be essential in shaping a secure and inclusive ecosystem. Ultimately, the success of crypto will depend on its ability to build trust while delivering the efficiency and transparency that define a rapidly evolving digital economy. 

Singapore Fintech Festival 2024
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Ecosystm Podcast Episode 37- Insights from Shayan Hazir (HSBC)

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Join us for an enlightening conversation with Shayan Hazir, Chief Digital Officer, ASEAN at HSBC, and Sash Mukherjee, VP of Industry Insights at Ecosystm, as they explore the profound impact of Technology on the financial landscape.

In this comprehensive discussion, Shayan sheds light on the shape of innovation in today’s tech-centric world and the challenges of orchestrating innovation within large organisations. He also addresses the evolving expectations of younger generations stepping into the role of banking customers.

Shayan further examines the strategic innovation approach in banking, discussing how legacy systems, governance, and the balance of investment priorities impact the innovation journey. He shares his perspective on fostering a culture of experimentation and responsibly embracing emerging technologies like generative AI.

Additionally, Shayan discusses the transformative potential of blockchain, including its role in central bank digital currencies (CBDCs) and tokenised assets, emphasising the necessity for technology convergence to enhance customer experiences.

Throughout this dialogue, he underscores the importance of collaboration between regulators and financial institutions to create safe environments for innovation.

🎧 Don’t miss this insightful dialogue—listen to the complete podcast here.

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Southeast Asia’s Banking Transformation: Leaders’ Insights

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Southeast Asia’s banking sector is poised for significant digital transformation. With projected Net Interest Income reaching USD 148 billion by 2024, the market is ripe for continued growth. While traditional banks still hold a dominant position, digital players are making significant inroads. To thrive in this evolving landscape, financial institutions must adapt to rising customer expectations, stringent regulations, and the imperative for resilience. This will require a seamless collaboration between technology and business teams.

To uncover how banks in Southeast Asia are navigating this complex landscape and what it takes to succeed, Ecosystm engaged in in-depth conversations with senior banking executives and technology leaders as part of our research initiatives. Here are the highlights of the discussions with leaders across the region.  

#1 Achieving Hyper-Personalisation Through AI

As banks strive to deliver highly personalised financial services, AI-driven models are becoming increasingly essential. These models analyse customer behaviour to anticipate needs, predict future behaviour, and offer relevant services at the right time. AI-powered tools like chatbots and virtual assistants further enhance real-time customer support.

Hyper-personalisation, while promising, comes with its challenges – particularly around data privacy and security. To deliver deeply tailored services, banks must collect extensive customer information, which raises the question: how can they ensure this sensitive data remains protected?

AI projects require a delicate balance between innovation and regulatory compliance. Regulations often serve as the right set of guardrails within which banks can innovate. However, banks – especially those with cross-border operations – must establish internal guidelines that consider the regulatory landscape of multiple jurisdictions.

#2 Beyond AI: Other Emerging Technologies

AI isn’t the only emerging technology reshaping Southeast Asian banking. Banks are increasingly adopting technologies like Robotic Process Automation (RPA) and blockchain to boost efficiency and engagement. RPA is automating repetitive tasks, such as data entry and compliance checks, freeing up staff for higher-value work. CIMB in Malaysia reports seeing a 35-50% productivity increase thanks to RPA. Blockchain is being explored for secure, transparent transactions, especially cross-border payments. The Asian Development Bank successfully trialled blockchain for faster, safer bond settlements. While AR and VR are still emerging in banking, they offer potential for enhanced customer engagement. Banks are experimenting with immersive experiences like virtual branch visits and interactive financial education tools.

The convergence of these emerging technologies will drive innovation and meet the rising demand for seamless, secure, and personalised banking services in the digital age. This is particularly true for banks that have the foresight to future-proof their tech foundation as part of their ongoing modernisation efforts. Emerging technologies offer exciting opportunities to enhance customer engagement, but they shouldn’t be used merely as marketing gimmicks. The focus must be on delivering tangible benefits that improve customer outcomes.

#3 Greater Banking-Fintech Collaboration

The digital payments landscape in Southeast Asia is experiencing rapid growth, with a projected 10% increase between 2024-2028. Digital wallets and contactless payments are becoming the norm, and platforms like GrabPay, GoPay, and ShopeePay are dominating the market. These platforms not only offer convenience but also enhance financial inclusion by reaching underbanked populations in remote areas.

The rise of digital payments has significantly impacted traditional banks. To remain relevant in this increasingly cashless society, banks are collaborating with fintech companies to integrate digital payment solutions into their services. For instance, Indonesia’s Bank Mandiri collaborated with digital credit services provider Kredivo to provide customers with access to affordable and convenient credit options.

Partnerships between traditional banks and fintechs are essential for staying competitive in the digital age, especially in areas like digital payments, data analytics, and customer experience.

While these collaborations offer opportunities, they also pose challenges. Banks must invest in advanced fraud detection, AI monitoring, and robust authentication to secure digital payments. Once banks adopt a mindset of collaboration with innovators, they can leverage numerous innovations in the cybersecurity space to address these challenges.

#4 Agile Infrastructure for an Agile Business

While the banking industry is considered a pioneer in implementing digital technologies, its approach to cloud has been more cautious. While interest remained high, balancing security and regulatory concerns with cloud agility impacted the pace. Hybrid multi-cloud environments has accelerated banking cloud adoption.

Leveraging public and private clouds optimises IT costs, offering flexibility and scalability for changing business needs. Hybrid cloud allows resource adjustments for peak demand or cost reductions off-peak. Access to cloud-native services accelerates innovation, enabling rapid application development and improved competitiveness. As the industry adopts GenAI, it requires infrastructure capable of handling vast data, massive computing power, advanced security, and rapid scalability – all strengths of hybrid cloud.

Replicating critical applications and data across multiple locations ensures disaster recovery and business continuity. A multi-cloud strategy also helps avoid vendor lock-in, diversifies cloud providers, and reduces exposure to outages.

Hybrid cloud adoption offers benefits but also presents challenges for banks. Managing the environment is complex, needing coordination across platforms and skilled personnel. Ensuring data security and compliance across on-prem and public cloud infrastructure is demanding, requiring robust measures. Network latency and performance issues can arise, making careful design and optimisation crucial. Integrating on-prem systems with public cloud services is time-consuming and needs investment in tools and expertise.

#5 Cyber Measures to Promote Customer & Stakeholder Trust

The banking sector is undergoing rapid AI-driven digital transformation, focusing on areas like digital customer experiences, fraud detection, and risk assessment. However, this shift also increases cybersecurity risks, with the majority of banking technology leaders anticipate inevitable data breaches and outages.

Key challenges include expanding technology use, such as cloud adoption and AI integration, and employee-related vulnerabilities like phishing. Banks in Southeast Asia are investing heavily in modernising infrastructure, software, and cybersecurity.

Banks must update cybersecurity strategies to detect threats early, minimise damage, and prevent lateral movement within networks.

Employee training, clear security policies, and a culture of security consciousness are critical in preventing breaches.

Regulatory compliance remains a significant concern, but banks are encouraged to move beyond compliance checklists and adopt risk-based, intelligence-led strategies. AI will play a key role in automating compliance and enhancing Security Operations Centres (SOCs), allowing for faster threat detection and response. Ultimately, the BFSI sector must prioritise cybersecurity continuously based on risk, rather than solely on regulatory demands.

Breaking Down Barriers: The Role of Collaboration in Banking Transformation

Successful banking transformation hinges on a seamless collaboration between technology and business teams. By aligning strategies, fostering open communication, and encouraging cross-functional cooperation, banks can effectively leverage emerging technologies to drive innovation, enhance customer experience, and improve efficiency.

A prime example of the power of collaboration is the success of AI initiatives in addressing specific business challenges.

This user-centric approach ensures that technology addresses real business needs.

By fostering a culture of collaboration, banks can promote continuous learning, idea sharing, and innovation, ultimately driving successful transformation and long-term growth in the competitive digital landscape.

Singapore Fintech Festival 2024
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Beyond Profit: What Impact Venture Funds Seek in Startups

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If you are a startup seeking investment, you might initially consider venture capital or business angels. However, with the increasing awareness of global needs for humanity, society, and the planet, impact investing has emerged as a significant source of finance for good. This market, which was valued at approximately USD 230 billion in 2017, is projected to reach around USD 1 trillion by 2025.

For mission-driven startups addressing critical issues in healthcare, education, or climate change, it’s essential to explore the potential of attracting impact venture funds. These funds offer not just capital but also collaborative opportunities. Even if you’re just starting out or operating on a small scale, understanding the investment criteria early on is crucial.

Impact venture funds aim to generate measurable social and/or environmental impact alongside financial returns.

In addition to the conventional expectation of financial performance, here are 5 key investment criteria for impact venture funds.

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Click here to download ‘Beyond Profit: What Impact Venture Funds Seek in Startups’ as a PDF

#1 The Impact is Positive

But what does “impact” actually mean? Many people use the term in a generic sense to describe some positive effect of a business or organisation. However, in the world of “impact investing”, impact has a specific meaning.

Impact is the ultimate large-scale contribution of a business, company or country to society including the environment.

This impact can be both positive and negative. It is fair to say that in the process of producing goods and services worldwide, positive and negative impacts are created simultaneously. The key question is whether the positive outweighs the negative.

#2 The Impact is Social or Environmental

As for a business, company, or country’s contribution to society, the UN Sustainable Development Goals are a solid framework are a solid framework for orientation. These are the pressing problems that once improved will lead to a more balanced and sustainable future.

Any company of any size and from any industry can easily identify which of the SDGs their products and services support.

By using references to certain SDGs organisations can then communicate their vision and mission more clearly to investors but also other relevant stakeholders such as governments, communities, suppliers, and consumers.

#3 The Impact is Long-Term

The “ultimate” aspect of impact refers to the fact that impact is not about immediate outputs or outcomes.

Impact is the long-term consequence and systemic change due to a continuous use of an organisation’s products and services.

If we take the example of a fintech solution that promotes financial literacy, transparency, or inclusive access to investing, the impact of that solution is not that people benefit from easier or faster financial transactions. Rather, it’s about creating new financial opportunities for a broader segment of the world population, potentially leading to greater economic empowerment for underserved groups – aligning with SDG 8 (Decent Work and Economic Growth) and SDG 5 (Gender Equality).

#4 The Impact is Scalable

The “large-scale” aspect of impact is critical for impact venture funds, as they seek to invest in scalable businesses that can amplify positive outcomes. Given the urgency of global challenges, there is no time or resources to spare on small-scale solutions. The geographic location of a startup or its initial focus on a specific region is irrelevant – what matters is its potential to grow and address pressing global issues efficiently.

If a product, service, or solution is sufficiently generic and easily scalable to reach a broader audience and various markets, the potential impact of that business will be appealing to impact venture funds.

#5 The Impact is Measurable

It is easy for organisations to remain vague or qualitative in their statements about impact, particularly when discussing the positive and charitable aspects of their actions.

If organisations are serious about creating change, they need to treat impact as an equal measure to profit. As Peter Drucker famously said, “If you can’t measure it, you can’t manage it”.

In the impact realm, deriving meaningful KPIs can be complex. Collaborating with an impact venture fund not only sets the expectations but also provides guidance to establish a transparent framework of KPIs to measure a business’s impact.

Ecosystm Opinion

Many believe only social businesses qualify for impact venture funding. In reality, any (tech) company solving societal or environmental issues is inherently impact-oriented. The key is awareness, measurement, and partnering with the right people.

Check out the websites and portfolios of impact venture funds – you’ll be surprised by the diverse areas and industries they support. Your startup might be the perfect match!

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