A recent Bloomberg article reported that Singapore is preparing itself for extreme growth in the finance sector, which is certainly an exciting proposition for the Asia Pacific (APAC) region. Singapore is specifically looking to position itself as a wealth management and foreign exchange center and hopes that the new focus area will create upwards of 4,000 new jobs for the island city-state.
The plan outlined by the Monetary Authority of Singapore sets an annual growth rate goal of 4.3 percent, which is higher than the planned overall economic growth rate of 2-3 percent included in a set of national strategies unveiled earlier this year. The financial sector accounts for about 13 percent of Singapore’s gross domestic product and employs around 200,000 people.
The Impact of UC&C
One of the main focuses to help Singapore reach this goal is on financial technology, and while the exact types of technology aren’t spelled out in the Bloomberg article, Unified Communications & Collaboration Technology (UC&C) has to be a part of their overall plan in order to make their goals a reality.
Few, if any, industries operate at the rate that the financial industry does. In that world, anything less than the fastest possible communication/transaction can literally cost an organization millions, if not billions, of dollars. Therefore, a carefully thought out UC&C strategy that allows financial professionals to seamlessly interact at the various levels of the UC&C stack (voice, video, screen sharing) is an essential function in financial service organizations.
For any scaling business, or in this case scaling economy, it is critical to minimize costs in areas that have little to no impact on meeting overall corporate objectives, but a sizeable impact on the balance sheet. UC&C’s main value drivers in the finance industry are improved customer experience, reduced travel for customer meetings and troubleshooting, competitive differentiation and increased revenue generation. To learn more about how UC&C can be a difference maker in the financial services industry, click here.