(HK) Dr. Lawrence Wong talked about "The Challenges of Financial Institutions" on seminar organized by CityU and EY.

Dr. Lawrence Wong gave a lecture on new business model in the data environment for EY at the City University of Hong Kong on February 22. This is mainly about the application of the financial industry. Nearly 200 financial executives and industry experts discuss the sharing of the economy, the debris market and the results of the economy.

In the information age, companies are all urging for Digital Transformation through utilizing digital technologies, such as Internet of Things, Social, Mobile, Analytics, and Cloud (SMAC). These technologies innovate new business models, develop new products and services, and connect consumer channels with markets electronically.  With these technologies, enterprises can transform themselves into digital businesses and overturn the traditional industries and stand out from the others through cross-industry competition.  The seminar will cover:

• Sharing Economy: Sharing and utilizing idle resources to create values and satisfy others’ needs
• Fragmented Market:  Use of analytics modelling to address the long-tail needs
• Outcome Economy:  From “Product Oriented” to “Outcome Oriented”
• Platform Strategy: Providing interactive platforms for targeted stakeholders, fulfilling all their needs and earning profit from within.

Cases from financial services industry will be discussed.