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In the second part of the EY Financial Sector Blueprint series (FSB Series #2) we deep dive into Thrust 3, “Advancing digitalization of the financial sector” of Malaysia’s Financial Sector Blueprint (FSB) 2022 – 2026 which covers four key strategies to advance Malaysia’s financial sector:
- Future-proof key digital infrastructure
- Support a more vibrant digital financial services landscape
- Strengthen cybersecurity readiness and responsiveness
- Support the greater use of technology for regulation and supervision.
Rapid innovations and evolving digital technologies are catalyzing new market opportunities as well as changing the risk landscape of financial services. Moving forward, the key transformation focus for financial institutions will pivot on digitalization and risk mitigation.
The five priority areas for financial institutions (FIs) to factor in their digital transformation include:
1. Being part of the ecosystem
2. Preparing for cyber attacks
3. Managing data efficiently
4. Being ready for technology acceleration
5. Recruiting new talents and fostering an agile and innovative working environment
In an ever-evoluting environment, it is imperative for FIs to continue future-proofing their digital infrastructure to help strengthen system resilience, promote market inclusiveness and foster organizational adaptability.