Evolution of Contactless Financial Services

Fintech or financial technology has an important role in helping financial institutions to better serve consumers and improve user experience, and is a fast-growing industry.
William Lim, the Founder & CEO of TriAset, which provides solutions to financial institutions and large corporates, was speaking on ‘A Career in Tech for Finance and FinTech: A must consideration in today’s economy’ at the WOU main campus on 23 February 2022. About 25 people, mostly WOU students, attended the event organised by the School of Digital Technology (DiGiT), including senior lecturer Dr Lee Heng Wei.

Lim offers insights into FinTech and Tech for Finance.

He remarked, “Fintech is a financial services innovation in which technology is used to create new financial services, and then deliver them through digital technology.”
He highlighted that with FinTech, consumers interact directly with the technology, and are able to access the financial services anywhere, anytime, and in any electronic device.
He cited examples of FinTech as trading platform, internet banking, internet insurance, e-wallet, buy now pay later, and robo-advisor (automated investment management adviser). “FinTech is very huge and these are only a few samples,” he added.

The attendees, mainly DiGiT students, at the event.

He clarified that FinTech must go hand-in-hand with technology for finance, or Tech for Finance. “FinTech would not work without Tech for Finance, which is the engine that drives the processes and provides information to FinTech.”
FinTech involves the front end financial solutions that consumers can access themselves (e.g. internet banking) and see what is going on, while the back end processes, which consumers cannot see, is Tech for Finance, he added.
Lim pointed out, “In Tech for Finance, the technology is used in digitising traditional financial services, and consumers do not have direct interaction with technology as everything is done behind the scenes.”

Dr Lee (left) presenting a token of appreciation to the speaker.

He used the analogy of a car engine and dashboard to offer a better picture, in which he equated the engine to Tech for Finance, and the dashboard to FinTech. The engine is hidden and supplies information to the dashboard, but without the engine, the car cannot move.

“When you go to the bank to open a savings account, you approach the teller, who keys in your details. This information is channelled to the bank’s back office where they have access to software solutions to process as needed, and print your statement,” Lim explained,
He shared that there are now many technology companies in the world that provide database management and solutions to banks, enabling them to provide better services to customers.

The speaker has extensive experience in the field of finance.

Lim, an accountant by education, said that students keen on a career in technology may come from any educational background, as long as they have the drive, interest and passion for technology.
Among the career options in technology are data analyst, cyber security professional, software application programmers, financial engineer, software architect, business analyst, front end developer, back end developer, and database administrator.

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