The Rise of Platforms and Its Impact

3 minute

Organised by Happyer and Codeaholics, our CEO Charles Wong recently moderated a panel discussion on the rise of platforms and its effect on tech jobs. Held on 4 November 2020, the panellists included:

  • Andy P. Lee, Group Strategy, WeLab
  • Caleb Ho, Software Engineer Manager, Neat
  • Claude Ducharme, Solutions Architect, Mox Bank

For those who have missed out, here are some key takeaways from the panel discussion.Security of Multi-Service Platforms In a report by PwC, it stated that most financial institutions will benefit from a hybrid platform that mixes single- and multi-dealer apps. Similarly when it comes to the security for consumers, our panellists agree that multi-service platforms could potentially be safer for consumers due to newer technology. For instance, Caleb mentioned: “If we talk about fraud, we can use data or behaviours on how they are using their transactions to pick our patterns. These big data can be applied on such platforms to easily identify fraud, making it safer for consumers.”Superior Service of Platforms One other key difference highlighted by Andy between multi-service platforms and traditional banks would be the superior customer service. Other than newer technology and security, service is a huge priority at WeLab and other platforms. “Yes, security is something we definitely care about but on top of innovation and security, we care about the soft elements. We often question how we can bring extremely great service to our customers, and that could be something different from traditional banks,” Andy shared. Skills Essential For The IndustryWith the growing trend of platformication, the demands for capable talent to join the industry also rises. While tech and hard skills are important, these can be learned and acquired - the key difference lies in the soft skills. Sharing more on this topic, Claude highlighted that the work has evolved today to be more than just silos. In fact, he shared how CI/CD pipeline developers are now doing more than what they’re used to in terms of testing, deployments and knowing how the cloud or system works. Shedding some light on a common problem: “It’s more complex now. It’s very difficult to get an overview of an infrastructure where many things can go wrong. The strongest skills for a developer now would be the ability to understand what is wrong so clearly quickly that instead of days, you can find it within minutes.To conclude, the platform business model has become imperative for banks and financial institutions alike to consider to stay competitive in 2020. To learn more about how we can help digitise your business, check out our suite of innovative solutions today. Photo Source: cottonbro from Pexels