InSync London Recap: CXO Outlook for 2020
This May, Synechron London hosted its biannual ‘InSync’ client event in Canary Wharf on the “CXO Outlook for 2020.” The event focused on digital transformation journeys and innovation in financial services, giving attendees the opportunity to pulse check their digital roadmaps and progress against peers and the industry. The evening started with opening remarks from Synechron UK’s Managing Director, Tony Clark, who gave an update on the state of market, the next generation of consumers and discussed how financial institutions can navigate enterprise scale digital transformation. Tony described how the next generation of FinTech has arrived, with consumer experience coming to the forefront. Financial Services (‘FS’) firms have changed their strategies to adapt to the new generations’ priorities, placing value on firms who act in a socially responsible way. The future of digital transformation has clearly arrived, and the world is changing fast for financial services’ clients, with enterprise digitisation now no longer a discussion point but a business imperative.
The keynote speaker for the evening was Dr. Pinar Emirdag, Senior Vice President of Digital Product Development and Innovation at State Street, a leading global custodian and asset manager. Pinar went into detail on the importance of “innovation as a mindset,” highlighting three major themes: Networks, Innovation and Digital. Networks are not just about technology but about people, behaviour, workflows and operations. The next generation digital client service platform needs to be a network of providers, clients, services etc. Financial services institutions need to have a network mentality for success, “We need to find a way to build infrastructures – beyond technology – and embed compliance and risk management into workflows as well as build out playgrounds to innovate in, with the vision to see exponential growth.” In order to achieve this exponential growth, financial services firms need to seek out innovative solutions to attract and retain customers but also future proof their own businesses. FS institutions cannot use legacy thinking and technology anymore, the time for change has arrived, “Change is constant but the way we change should not be constant.” To build the next generation of networks requires end-to-end innovation and end-to-end innovation needs end-to-end digitalisation - the future of digital has arrived.
After the keynote, Synechron held an interactive panel discussion with Adri Purkayastha, Head of Technology, BNP Paribas; Sonal Rattan, Co-founder & CTO of eXate Technology; Janthana Kaenprakhamroy, CEO & Founder, Tapoly; and Ben Musgrave, Head of Digital, Synechron London, moderated by Synechron London’s Head of Innovation, Krishan Chauhan. The panelists shared their views on digital innovation and roadmaps, market trends like sustainable finance, industry challenges and the importance of culture in achieving company transformation. Culture is the barrier of many innovations and companies and their decision makers need to buy in. Changing systems is tough and firms need to think about and understand the type of cultural preparation people would need to be able to understand a new process. The panelists also discussed how in order to achieve digital innovation, the technology side of a firm needs to work closely with the business side. It’s important to have someone that has the vision and understanding of the business but at the same time, people who are technologically skilled enough to know how to build and make digital innovation and transformation come to life.
The evening end with guests boasting yellow gift bags, having demos of Synechron’s Wealth Tech and Visual Risk accelerators, canapes and drinks, with the sun setting over Canary Wharf. We look forward to seeing everyone at our next “InSync Industry” event, November 7th, 2019.
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