Industry Focus

5 in 5 series with Pat Murphy on digital opportunities for Financial Services in 2023

Published on November 14, 2022

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Experteq values digital innovation, technology advancement and digital leadership. In our “5 in 5” series, we spend five minutes with inspiring leaders who are making a difference to achieve digital innovation, by asking five critical questions of the now.

2022 has been an eventful year – many things have happened in Australia and around the world to change the business landscape and the way we do business. For our part, the year has started with a bang as we launched our new brand, Experteq. With our new look and expanded capabilities, we continue to forge steadily forward, helping our clients build and maintain IT systems and processes that enable them to stay agile and flexible, to meet their evolving business needs.

As we wrap up 2022 and prepare for 2023, our Chief Commercial Officer, Pat Murphy, explores what he considers the biggest digital opportunities for financial services in the year ahead, and shares his thoughts on some key areas of focus that organisations cannot afford to overlook in 2023.

What are the most significant digital opportunities for Financial Services organisations in the year ahead?

As transactions shift towards digital online services, customers are looking for immediate feedback, faster delivery times, and quicker decisions.

Fintech organisations, as well as our clients in the banking sector, have had to adjust their operations in terms of online lending. For businesses, and especially those in the fintech space, the most significant digital opportunity to gain an edge over their competitors would be to speed up the process of online lending.

How can businesses unlock these opportunities?

To speed up the process of online lending while managing risks properly, it is important to find the right balance between algorithmic decision-making and human intervention and oversight.

With rising interest rates and increasing regulatory pressures surrounding sensible lending, managing risk has become more important than ever.

Automation presents probably the most significant digital opportunity for businesses in the year ahead, as it reduces human error while increasing the speed at which online lending can proceed.

What should leaders prioritise when it comes to overcoming any obstacles in their digital journey?

While there are no straightforward answers, especially when businesses from all industries are struggling with a skills gap and talent shortage, some principles do remain. Leaders will need to consider the core business nature and how to remain agile and competitive in terms of the services they offer, as well as how to optimise resources to operate and deliver their offerings.

Therefore, the obvious answer is to calculate value versus effort. For example, not every business leader was able to foresee that work from home or hybrid work arrangements would become permanent. Adopting proper governance, security and safety measures to allow employees to work from home going forward may take a bit of effort, but ultimately will result in a lot of value for the company.

What are some critical factors for digital success?

The shift to digital and remote work has put a lot of pressure on in-house IT departments, and security risks have surfaced. With managed services, clients can access a larger pool of talent that has more experience and exposure for dealing with threats and opportunities. In essence, having an effective endpoint management solution is critical, regardless of whether it is in-sourced or out-sourced.

The shift to cloud is also important for digital success, as it enables effective remote work arrangements. Cloud also delivers a more resilient, scalable, and in most cases, a more secure environment.

 What has been your biggest digital “aha” moment so far?

Time invested in automation has a huge return on investment, as it not only removes human error, but also enables the team to apply their talents and strengths on developing solutions to societal issues and business challenges. Automation also has wide-ranging applications, freeing up staff for other tasks while also ensuring that processes are followed, and data is protected.

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Patrick Murphy
Chief Commercial Officer
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