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Glad to have a fruitful discussion with elite #FinTech leaders on the theme of #FinancialInclusion on the 1st day of the 2021 Hong Kong FinTech Week #HKFTW #HKFinTechWeek. We had Tat Lee #WeLabBankVenetia Lee #AlipayDavid Rosa #Neat and myself in our panel moderated by Karen Man #BakerMckenzie.

My 3 key takeaways from our panel are:

1. Large FSIs and FinTechs need to be customer centric on empowering the #SMEs and under privileges to make use of finance to change their lives. It is not just a business model to make money but also a very meaningful PURPOSE. That aligns all key stakeholders to collaborate.

2. #Data is key for the success of financial inclusion. #FSI is a regulated industry. Banks need to use #DataScience to seize opportunities and manage the risk of financial inclusion while SMEs can make use of data to identify areas to improve their credit scores.

3. The success of Financial Inclusion needs #DataLiteracy democratization. Data is our customer voice in particular we need to deal with massive number of customers in the financial inclusion market. Every one in FSI needs to be reskilled or upskilled to be a #CitizenDataScientist. Major financial services incumbents are proactively working towards this direction.

See you on the Day 2 (Thu, Nov 4) in the following panel. I will talk to the senior executives of #HSBC on the theme – Building Billion Dollar Ecosystems.
https://lnkd.in/gSPRn_Xx

I was impressed by #ICBC Asia in the way how their senior management took #AI#BigData and #FinTech seriously. Usually, most of the senior leaders will only stay for 30 minutes of a training class and will excuse themselves from it. This time was very different.
All their top and senior management, including Chairman and Executive Director, actively participated in my AI and Big Data class. Guess what? They stayed till the very end of my class and actively participated in the whole day.

Really appreciate their leadership to demonstrate and lead by example. Their top management believe that continuous learning is the way to stay relevant and competitive in their financial services industry. By doing it themselves, it brings culture change to their colleagues.

My class today was on the Power Duo of AI and Big Data. It is a part of the Digital Leadership Series that I designed and led for the Asia Pacific Institute of Business #APIB of the #CUHK Business School.

I started my class today with a clear message to the ICBC team that they need to speak one more language on the top of Chinese and English in the digital economy. That is #Data. In order to be a #AIFirst and #DataDriven bank, everyone in the company has to have basic to advanced #DataLiteracy. Reskilling them on data is not an option but a necessity.

We then explained the AI and #MachineLearning technologies, business models and data monetization concepts to them. We also explored new AI applications in #FinancialServices and #DataGovernance with them. “Seeing Is Believing It”. I invited Patrick Tsoi, a veteran in #DataScience to use real data to demonstrate the power of Big Data in financial services. Thank you Patrick, ICBC team and CUHK team.

It is just a good start for the #DigitalTransformation for ICBC Asia. It is a journey and we are happy to contribute along with the team.