Tag Archive | "Pace"

The Pace of Digitalization in China is Much Faster Than Anywhere in the World, Says AXA China CEO

“The pace of digitalization in China is much faster than anywhere in the world and in a sense, it’s much deeper than anywhere else,” says AXA China CEO Xavier Veyry. “In China we really see an acceleration in the way companies leverage digital tools. I think in China digitalization is accelerating and I believe that in a lot of ways China is really leading the innovation in terms of worldwide interaction with the customers on the digital front.”

Xavier Veyry, CEO of AXA China, discusses how China is leading the world in digitalization and how digitalization is impacting the insurance industry and customers in an interview on CNBC:

The Pace of Digitalization in China is Much Faster Than Anywhere in the World

AXA has been one of the pioneers in terms of digital insurance in many places in the world. This is an industry, this is a trend, this is a fundamental shift in our industry that we have been pioneering in many geographies, most specifically in Europe and sometimes in Asia. Here in China, I would say that the landscape is very different. The pace of digitalization in China is much faster than anywhere in the world and in a sense, it’s much deeper than anywhere else. 

In China we really see an acceleration in the way companies leverage digital tools. The fact is that China has a very unique ecommerce platform and a very unique e-payment platform. In our analysis e-payment is the key driver toward facilitating the purchase of insurance products. It’s true that some insurance products can be designed for ecommerce for digital interactions. Others require a more personal touch and personal interaction with customers. It really depends on the product that we are manufacturing and the product that we are presenting to the customers. 

I think in China this is accelerating and I believe that in a lot of ways China is really leading the innovation in terms of worldwide interaction with the customers on the digital front.

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Cisco: Financial Institutions Struggle With Pace of Technological Change

The pace of technological change is possibly the biggest challenge that financial institutions are facing says Cisco FinTech Lead Al Slamecka. He says that the large financial organizations are zeroing in on automating the network management functions and the operations side of their businesses, which they call Intent-Based Networking.

Al Slamecka, Financial Services Industry Lead at Cisco, discussed the challenges institutions are facing because of all that is currently going on in the FinTech space with Investor’s Business Daily:

Financial Institutions Struggle With Pace of Technological Change

The pace of change is probably the biggest thing large financial institutions struggle with. They continually face the pressures of seeing a lot of what’s going on from the FinTech space. As large organizations, they are continuing to try to evolve the way that they as a provider of a significant number of services can accelerate their innovation and accelerate their transformation. In that regard, from our perspective, there’s a lot that is dependent on their ability to provide greater automation and orchestration of the underlying infrastructure.

Organizations Focusing on Intent-Based Networking

We’re starting to see a lot more organizations look at the capabilities of automating the network management function and the operations side of the business, something that is typically called Intent-Based Networking. Essentially this accelerates their ability to allow the organization to be more agile from an application development perspective and from a partnership perspective with FinTech firms. There’s good momentum in that space currently. It’s an interesting time for them but we think that those organizations that are taking that fundamental view at their infrastructure are well on their way.

Software Defined Networking is the Preferred Approach

These are large institutions and so over the years, they’ve developed large complex networks to service their business. The challenge is one in which they need to get out of the business of doing what they used to do. Things like command line execution of management functions have been a real time-staking task, so to deploy automation they need more intelligence out of the solutions they deploy. Software Defined Networking is generally the approach that they’re taking both from the data center side, software-defined data center, as well software-defined campus and WAN.

There’s a transition in the products that support that and they need to essentially upgrade their infrastructure with products that have the intelligence to provide the kind of visibility and manageability that they need. Then they also need to look at their own capabilities inside, the talent inside the IT organizations needs transformation as well. So there’s an upgrade both on the operational side as well as on the infrastructure and technology side.

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