By 2030, 80 percent of heritage financial services firms will go out of business, become commoditized or exist only formally but not competing effectively,according to Gartner, Inc. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry.
David Furlonger, vice president and distinguished analyst at Gartner said banks face a growing risk of failure if they continue to maintain 20th century business and operating models.
“Digital transformation is largely a myth as institutional mindsets, processes and structures stand firm,” said Mr. Furlonger. “Established financial services providers will have to move faster on digital business by building digital platforms or finding niche products and services to sell on others’ platforms.”
According to Gartner’s 2018 CEO survey, while financial services CEOs continue to prioritize revenue growth, there has been a clear shift toward emphasizing efficiency and productivity improvements and the importance of management as growth levers. This shift indicates that digital business is predominantly a channel and transaction automation play, focused on business optimization as opposed to a transformation.”
Pete Redshaw, practice vice president at Gartner, said this attitude is dangerous.
“It underestimates the degree of change that digital technology will bring to the industry,” he said. “The future of the financial services industry is increasingly weightless, requiring few physical assets to establish or maintain a presence. That makes the industry especially vulnerable to disruption by digital competitors.”
In addition, emerging technologies (such as blockchain) offer transformational opportunities by creating trust between parties that do not know each other, without intermediary relationships that incumbent financial firms cultivate. Equally, peer-to-peer consensus algorithms can directly match borrowers to those with money, without requiring a bank to mediate.
“The biggest mistake financial services CIOs make is putting too much focus on technology,” said Mr. Redshaw. “They should push their organizations for a more coherent response to digital business — it’s important to set the digital vision and destination first, then think about how to lead an organization there.”
According to Gartner, of the 20 percent of traditional firms that will remain as winners, three types will flourish:
- Power-law firms:Companies that own a digital platform will use its scale, low-cost infrastructure and the customer information it generates to create new services and enter new markets. Very few (5 percent) of these winning heritage institutions have the ability to become power-law firms.
- Fintechs:Individual companies or pure-play/neobank subsidiaries will disaggregate traditional financial services in discrete product areas. They will participate in digital platforms, but will not own them. Less than 15 percent of the winning group of traditional firms can convert themselves into or successfully spin off fintechs.
- Long-tail firms:The dramatically lower costs enabled by digital platforms will allow some traditional providers to act as service brokers. This is likely for large populations of poor and working-class people around the world that were not profitable customers previously. Simultaneously, they can act as concierge providers of bundled offerings to high-net-worth individuals. Around 80 percent of winning traditional financial services providers can become long-tail firms.
The speed of digital transformation in financial services partly depends on regulation, as well as customer demographics and behaviors, which will vary from country to country. In some nations, conservative regulations will inhibit innovation, while other countries, such as Australia, Brazil, China, India and the U.K., will use regulation to speed transformation.
Gartner clients can read more in the report: “Digitalization Will Make Most Heritage Financial Firms Irrelevant.”
Dinesh Nair Appointed as Director for Consumer Business Lenovo India
Global technology leader Lenovo has appointed Dinesh Nair as Director, Consumer Business for India region. Dinesh succeeds Mr. Shailendra Katyal, who has recently been appointed Site Leader for Lenovo India and Managing Director of Lenovo’s PC and smart device business in India.
Dinesh Nair has been an integral part of the Lenovo India consumer business for more than 11 years and has worked successfully across several roles. His most recent role was as the sales & channel management lead for Lenovo’s consumer segment in India. He has handled leadership responsibilities across offline general trade retail, distribution management, field sales, eCommerce, large format retail and category management, and has been a key contributor to the company’s growth journey in India.
“During this difficult time in India, we are working hard to ensure the safety of our employees, partners and customers and I am grateful that we have excellent leaders in place to bring our team together and offer this support. I am proud to hand over the reins of the consumer business to Dinesh. At the same time, this is a demonstration of our commitment to developing talent internally. I am sure he, along with the consumer leadership team, will propel the business to new heights,” said Shailendra Katyal, Managing Director, Lenovo India.
ASUS ROG Announces ROG Masters Asia Pacific eSports Tournament
ASUS ROG will host its first ROG Masters Asia Pacific eSports tournament from March to April 2021. Due to COVID-19 pandemic affecting travel around the region, the tournament will be conducted entirely online, with quarterfinal to final matches livestreamed.
The ROG Masters tournament will feature Counter-Strike: Global Offensive (CS:GO) as the official game title will provide opportunity to teams with enthusiastic players to pitch their skills against each other, as well as the best professional teams from their market and in the region.
The tournament will see various teams from 15 markets across the region vying for the chance to be crowned as the first ROG Masters Asia Pacific Edition CS:GO Champion.
The tournament will be played in three stages played over the course of 2 months:
- Country qualifiers
- Country finals
- Asia Pacific finals
Country qualifiers matches for India will start in the second week of April 2021; 8th April and the finals to be held on the 10th April. The India finals to find the top three teams to represent the country will be livestreamed live on 10th April.
Professional teams from across the region will be automatically placed into seeded positions in the country finals. This gives a greater chance for non-professional, enthusiast teams from India to get through the qualifiers and meet the pro teams in the country finals.
Country Champions will then go on to experience battling winning teams from other APAC markets in the finals that will be livestreamed during 22nd to 25th April 2021.
3 qualifying teams from India finals will stand to win US$800 for first place, US$400 for second place, US$200 for third place. They will then go on to the Asia Pacific finals with the chance to win the following prizes for the championship:
|ROG Masters APAC Championship||APAC Finals (USD/ team)|
Registration and Official Tournament Website
Registration for the first ROG Masters Asia Pacific tournament opens on February 8, 2021 at the tournament’s official website.
Registration closes on February 28, 2021 Further details, match schedules, pro team information as well as rules and regulations can also be found on the tournament website.
Garena Launches Free Fire South Asia Showdown: Battle of the Stars
Garena has announced the Free Fire South Asia Showdown: Battle of the Stars, Free Fire’s first-ever esports tournament for the South Asia region. Taking place on 6 February, the tournament will feature some of the gaming community’s favourite Free Fire streamers and personalities from India, Pakistan, Nepal, and Bangladesh.
The Free Fire community has continued to expand in South Asia and across the world, with the mobile battle royale game the most downloaded mobile game globally in 2020, according to App Annie. Through the Free Fire South Asia Showdown: Battle of the Stars, Garena will look to continue its efforts to excite and delight its fast-growing South Asian community with exciting Free Fire content, and to support and develop the incredible online community in the region.
The Free Fire South Asia Showdown: Battle of the Stars will feature a total of 12 teams. Each team will be led by one of the top 3 streamers from each of the 4 participating nations – chosen by public voting – in this epic clash to determine the best in the region.
The 12 teams will compete in the Battle Royale Squad mode for a slice of the 1 million diamond prize pool. The ultimate winner of this star-studded tournament will receive 500,000 in-game diamonds; the first and and second runners-up will be awarded 300,000 and 200,000 diamonds respectively.
The Free Fire South Asia Showdown: Battle of the Stars will feature some of the most popular streamers and personalities from across South Asia.
The team captains for each nation are:
- Total Gaming (19.4 Million YT Subs)
- Desi Gamers (7.8 Million YT Subs)
- Two-Side Gamers (6.85 Million YT Subs)
- Gaming with Nayeem (1.6 Million YT Subs)
- Illusionist YT (479K YT Subs)
- Gaming With Zihad (698K YT Subs)
- Sooneeta (3.26 Million YT Subs)
- Bshow Mgr (399K YT Subs)
- Tonde Gamer (2.37 Million YT Subs)
- RKG ARMY (1.77 Million YT Subs)
- Unusual Gamer (81K YT Subs)
- The Skinzo FF (75.5K YT Subs)
Fans can witness all the high-octane action by tuning in to the live broadcasts of the Free Fire South Asia Showdown: Battle of the Stars. These will be hosted on Free Fire Esports India YouTube and Facebook, Free Fire Bangladesh Official YouTube and Facebook, as well as on BOOYAH!.
To cater to the diverse South Asian community, the matches will be streamed with live commentary in 5 languages – Bengali, English, Hindi, Nepali and Urdu.
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