Digitalization of financial sector a must for business growth

Some 81% business leaders in Asia Pacific's financial services industry said they feel the need to transform to digital business to enable future growth, a study said. According to a study conducted by Microsoft Digital Transformation Asia, only 31% of them said they have a full digital strategy in place today. The Business leaders agreed that cloud computing is now an essential part of their digital transformation strategy and data insights can lead to new revenue streams, said a press release. The study was shared in a banking sector conference recently organized by Microsoft Bangladesh at the Westin Dhaka. Rena Chai, chief operating officer of the Southeast Asia New Markets at Microsoft Asia Pacific, said: “As we embrace the 4th Industrial Revolution, cutting-edge technologies are redefining business process and the way how businesses interact with their customers. “As Microsoft wants to empower every person and every organization on the planet to achieve more, we would like to extend our support to FSI industry in Bangladesh to capitalize on the value of generating greater insights from new and existing data, to better meet the needs of customers, especially personalized offerings and expansion into digital channels.” Chai added: “We urge all business leaders in this space to take steps to re-think how their organizations would look like as a digital business to stay relevant.” Sonia Bashir Kabir, Managing Director of Microsoft Bangladesh, Nepal, Bhutan and Laos, said: “In the age of digital disruptions, the banking sector can leverage technology to optimize their operations and increase profits through using the right tools to empower employees and build closer relationship with the customers. “As Bangladesh is capitalizing on its Digital Bangladesh Vision and people are quickly adapting to new technologies, it is time for the banks to utilize latest technology to turn data into insights, transform ideas into action, get closer to their customers and become their advisors.” The Microsoft Asia Digital Transformation Study surveyed 1,494 business leaders across five industries, including 335 from Financial Services Industry, from Asia Pacific working in organizations with more than 250 employees from 13 Asia Pacific markets.