Fintech, an abbreviation for financial technology, has arisen as a disruptive influence fundamentally transforming conventional banking paradigms. Fintech businesses have used advanced technology like artificial intelligence, blockchain, and data analytics to address long-standing issues in the field of finance.
Fintech has revolutionised financial services by simplifying payment procedures and providing personalised wealth management tools. This has made financial services more accessible, efficient, and customer-centric. Fintech solutions in the banking industry have revolutionised conventional banking models by providing alternative methods for financial management, payment processing, credit accessibility, and investment opportunities.
Additionally, Fintech has transformed how financial transactions are carried out, enhancing their speed, efficiency, and accessibility to a broader range of people. This has been achieved via the introduction of mobile banking applications and blockchain technology.
Driving Innovation
Amidst a period characterised by rapid technological progress and digital upheaval, conventional banking establishments are confronted with the urgent need to adapt or face the possibility of becoming outdated.
In light of this fact, United Overseas Bank (UOB), a prominent bank in Asia, has initiated a revolutionary endeavour by establishing strategic alliances with pioneering fintech startups. The combination of banking expertise and technology innovation has the potential to completely transform the financial industry and improve consumer interactions.
In addition to improving operations, UOB’s collaborations with fintech firms foster innovation at several consumer experience stages. The bank gives consumers more control over their accounts and streamlines intricate financial activities via user-friendly smartphone applications, digital wallets, and robo-advisory platforms. UOB also promotes open banking principles, which allows for compatibility with third-party fintech apps. This enables customers to easily access a wider variety of financial services inside a single integrated system.
UOB’s approach to fintech, which is based on partnerships, demonstrates a proactive attitude towards embracing innovation and addressing customers’ changing requirements in the digital era. UOB is ready to explore new opportunities in the financial services market by combining banking knowledge and technology innovation. This will lead to sustainable development and provide exceptional value to stakeholders. Last but not least, our value is your proposition.
As an educator at SEGi University, Fintech, the fusion of finance and technology, offers several benefits for students pursuing studies in Bachelor of Accounting and Finance (BAF). The inclusion of this subject in the school curriculum enables a smooth progression from abstract ideas to real-world implementations. By actively engaging with state-of-the-art financial tools and platforms, students acquire important practical knowledge and skills.
Fintech optimises conventional procedures by automating data input and analysis operations, resulting in improved efficiency and precision. Furthermore, it provides students access to extensive financial data, fostering their analytical abilities and equipping them for the industry’s data-centric requirements. In addition to its impact on academics, fintech promotes financial inclusion by targeting marginalised communities and providing opportunities for entrepreneurship, stimulating innovation and disruption in the financial sector. Students get a comprehensive grasp of fintech advancements globally and their influence on international finance from a global standpoint. By embracing fintech, students acquire crucial skills and the ability to navigate and succeed in a constantly changing financial environment.
With the progress of fintech innovations, the banking sector is changing, and as a result, the job of accounting experts is also changing. Accounting and finance students are vital in connecting conventional banking processes with fintech innovation. Accounting and finance students who thoroughly grasp financial concepts and stay updated on technology developments may position themselves as beneficial resources for banks looking to navigate the changing market.
In light of this, I firmly believe that SEGi’s Accounting and Finance students have a distinct advantage in their ability to contribute to incorporating technology in financial organisations. Their expertise in financial reporting, analysis, and compliance gives them the essential knowledge to comprehend the complexities of banking operations. Moreover, their proficiency in cutting-edge technologies enables them to evaluate and execute financial technology solutions that may optimise effectiveness, minimise hazards, and boost decision-making procedures in banking institutions.
SEGi’s Accounting and Finance students may significantly influence the future of banking by adopting and using technology improvements alongside their financial skills. To thrive in this dynamic and always-changing sector, it is crucial to participate and consistently pursue learning opportunities actively.
About the Author:
TAN WEI YET (DBA, MIMM)
Senior Lecturer, Faculty of Business, Accountancy & Law, SEGi College Kota Damansara
Dr Tan was an industrial practitioner in a Japanese multinational manufacturing company, and he has been in the education industry for more than a decade. Prior to joining the SEGi family, he was leading faculties in various Malaysian colleges. Dr Tan introduces blended innovative and creative pedagogy in his lectures, which include Business Simulation Games to make teaching and learning sessions exciting and easy to instil within students’ mindsets. In addition, Dr Tan is also actively involved in entrepreneurship consulting programmes and digital entrepreneurship activities. He works closely with MNCs to cultivate and nurture young talent since he is passionate about young talent management. Dr Tan is a fellow member of the Institute of Marketing Malaysia, and his research interest spans a wide variety of digital entrepreneurship and customer relationships.
MS LEE MUN YEE
Relationship Manager, Wealth Banking, UOB Malaysia
Ms Lee Mun Yee is a dedicated Relationship Manager at UOB Malaysia. With a passion for personalised service and a wealth of expertise in banking solutions, she is here to ensure that her customers’ financial journey is not just smooth, but also tailored to fulfil their unique needs and aspirations. From wealth management to lending solutions, Ms Lee is committed to building a strong and enduring partnership with her customers, focused on achieving their financial goals together. Expect nothing less than exceptional service and unwavering support at every step of the banking experience.