The current state of the insurance industry

TechWireAsia spoke to Nikola Djokic, the Managing Director of Insurance at SAP Fioneer, about the current state of the insurance industry and the challenges it faces. “Insurance is undergoing a revolution,” he said. “The rise of the insurtech and access to data has allowed non-insurance brands to enter the market and offer insurance as part of their offering, adding value to their customers and generating new revenue. Rather than a separate vertical industry, insurance is now taking a role in several ecosystems. This all represents significant new market opportunities for insurtechs, new players and incumbents alike, but the change is rapid, and traditional insurers need to adapt quickly to take advantage of and benefit from the new world order.”

Digitalization has traditionally been hampered in insurance due to legacy systems. Often built over decades, they have created data silos and operational inefficiencies that hinder the adoption of modern technology. Insurers have struggled to integrate new digital solutions seamlessly into their existing infrastructure, leading to fragmented customer experiences and slow response times. Moreover, the risk-averse nature of the insurance industry has contributed to a reluctance to invest in digital transformation initiatives. Insurers have been cautious about migrating sensitive data to the cloud and adopting emerging technologies like AI and machine learning due to concerns about data security, regulatory compliance, and the potential for disruption to established business processes.

Mr Djokic said: “Decisions need to run from the user interface through the middle office to the back office and back again, and these have typically been disconnected. The process of assessing a customer for a policy, or a claim for a payment, traditionally required (and in many cases still requires) a lot of manual intervention.”

Third-party data has been available to facilitate these assessments, but it is rarely integrated into the core insurance solution, making it challenging to meet customer expectations for digital immediacy. “This has allowed new players – neo-insurers – unencumbered by legacy systems or processes to leapfrog ahead in niche areas,” said Mr Djokic.

Insurance penetration in Asia, standing at around two percent in developed markets and one percent in emerging markets, presents a barrier to sector expansion despite the region’s vast population of over four billion people. TechWireAsia caught up with Chirag Shah, the Managing Director of JAPAC Digital and Core Insurance at SAP Fioneer, to try and understand the growth potential of the industry in APAC.

He said: “The Asia Pacific insurance market is experiencing shifts driven by post-COVID-19 customer perceptions, particularly in healthcare. Rising awareness of the protection gap has led to increased demand for health and life insurance products, especially in emerging markets, where insurance penetration and density are lower compared to developed markets.

“Insurers must navigate challenges such as mobility, cybersecurity, and climate change while enhancing value creation within existing operations like claims and underwriting. Challenges include slowing growth, low penetration, and rising combined ratios, particularly in emerging markets.”

Insurance everywhere

Source: SAP Fioneer

“‘Insurance everywhere’ alludes to embedded insurance,” said Mr Djokic. “Delivering insurance at the point it’s needed, as part of a purchase process, circumventing the need for a consumer or business purchaser to undertake a separate set of steps to insure their car, home, electronic item, or holiday.” By making insurance products more accessible and convenient, insurers can reach a broader audience and meet the evolving needs of modern consumers. Accessibility also opens up new opportunities for insurers to partner with other industries and platforms, expanding their reach and market presence.

Mr Djokic added: “[It] has the potential to increase the level of insurance generally, which is good news not just for the industry but society as a whole, as it becomes more protected. But it also means that non-insurance companies can take market share from the traditional players, unless those players turn the situation to their advantage, and become the ones offering insurance solutions to new industries.”

Personalization with data and AI

Traditional insurance practices rely on limited data and broad assumptions, often leading to unfair assessments of risk based on general demographics. This has sparked frustration among consumers who feel penalized for careful behavior while subsidizing riskier individuals. However, emerging technologies like telematics and IoT devices are beginning to change this dynamic by allowing personalized assessments and rewards for behaviors like safe driving and healthy lifestyles.

“We have seen examples of health insurance companies monitoring exercise levels with fitness trackers and dropping premiums accordingly,” said Mr Djokic. “There is now more data accessible to the insurer to contribute to the risk assessment, be it social media or online behavioral data, credit scores or – in the case of embedded insurance – data held or gathered by the non-insurance company.

“For the first time, we’re witnessing a ‘win-win’ in the industry, where data helps the insurer reduce their risks and pass this on in the form of reduced premiums to the customer. As consumers become accustomed to this level of tailoring, it will be essential for insurers to offer personalized insurance to stay competitive.”

Increased data availability is enhanced by AI, particularly machine learning, enabling dynamic risk assessments and tailored policy generation. Predictive analysis and risk scenario modeling help insurers proactively cover emerging risks like climate change and technological advancements. Automated policy drafting and scenario simulation improve efficiency and ensure comprehensive coverage tailored to specific customer needs.

“AI can interpret data accurately and immediately to deliver real-time claims processing and payment while mitigating risks.” Said Mr Djokic. “It delivers the speed consumers and businesses now expect while protecting the insurer.”

Mr Shah added: “Insurers in Japan and Korea may leverage AI and data analytics uniquely to cater to their distinct demographics and technological landscapes. Japan’s aging population may drive insurers to develop AI solutions for personalized services and risk management tailored to older demographics. Korea’s advanced technological infrastructure may facilitate the adoption of AI-driven underwriting and pricing models to enhance customer experiences and operational efficiency.”

The future with SAP Fioneer

On the future of insurance in APAC, Mr Shah said: “Despite challenges, Asia remains an attractive insurance market, with emerging markets expected to see higher premium growth in the next two years driven by rising economic growth, increasing risk awareness post-pandemic, and digitalization of distribution channels.

“Digitally embedded insurance is expected to grow significantly by 2030, driven by increasing digital penetration and partnerships with digital ecosystems.”

Mr Djokic says that the key to taking advantage of the new opportunities in insurance is connectivity – the ability to connect a core insurance solution to, for example, a new data source or user interface. “The secret to that is open technology,” he said.

For example, SAP Fioneer’s Engagement Hub is a tool for insurers to connect in an evolving ecosystem. With bi-directional communication, the Hub links a core insurance system with diverse digital channels, letting insurers craft tailored insurance solutions and adapt to market demands. The Cloud for Insurance cloud-native platform boasts fully managed services, ecosystem integration, and an intuitive user experience, allowing users to scale, innovate, and adapt quickly.

For more information on how insurers can embrace open technology and navigate the transformative changes in the industry, download the ‘Insurance Everywhere All at Once’ whitepaper from SAP Fioneer today.

The post Insurance everywhere all at once: the digital transformation of the APAC insurance industry appeared first on Tech Wire Asia.

EdgeConneX, a global data center operator with regional headquarters in Singapore, is firmly set on catalyzing this shift. By deploying edge data centers across key markets in the Asia-Pacific region and forming strategic partnerships with local industry leaders, the company will establish a robust network infrastructure that aligns with recent escalating data demands through cloud and Artificial Intelligence (AI).

The APAC data center market is fit to burst

Source: Shutterstock

Kelvin Fong, EdgeConneX’s Managing Director for the APAC region, said: “Cloud technology and the increasing adoption of AI, are likely to lead to significant expansion into markets beyond the traditional APAC markets of Singapore and Hong Kong.” These new markets are developing now in India and Indonesia due to burgeoning digital transformations in their economies and throughout the region.

Mr. Fong noted that governments in Southeast Asian countries are also being more proactive and supportive towards digital infrastructure development. Leaders have picked up on how digital advancement can lay the foundation for exponential economic growth in the coming years, by attracting new skill sets, creating employment opportunities, and fostering innovation and global competitiveness.

Fiber investment has also worked as a data center investment driver. Don MacNeil, EdgeConneX’s Chief Revenue Officer, said: “Investments in fiber optics hold great significance, both domestically and across the wider region. They are notably simplifying the challenge of connectivity and adding essential network diversity.”

How EdgeConneX is reaching APAC

Malaysia

Government digitalization in Malaysia has spurred interest in expanding its data center infrastructure. Mr. Fong said: “The local government is playing a catalytic role by facilitating land sales, ensuring power availability, and streamlining administrative processes. These efforts are attracting data center operators and end-users to the area.”

Malaysia was also taking advantage of the data center moratorium in Singapore, which was only lifted in 2022, and attracted much of the country’s outbound traffic. As a result, the industries in Johor and Kuala Lumpur have seen significant growth and are now key markets.

He added that there are new opportunities for “mega-campuses” in Greater Kuala Lumpur rather than just the center, where limitations on space and power availability make it expensive. Mr. Fong said: “In fact, they have already opened up some of the technology parks just to cater to the hyper-scalers.” Last year, EdgeConneX unveiled its plans to build data centers in downtown Kuala Lumpur, Bukit Jalil in Greater Kuala Lumpur, and Cyberjaya, with nearly 300 MW of total capacity. Malaysia’s dense network connectivity, power availability, multiple port cities, and connections to 22 submarine cables position it as a strategic data center destination.

Indonesia

Indonesia is Asia’s third most populous country, and its population is still growing, so data demands are likely to continue escalating in parallel. In 2022, EdgeConneX acquired the GTN data center, which allowed the company to gain an initial foothold in its ninth market in Asia. In September this year, it secured $403.8 million in investment to support the growth of a 120 MW hyper-scale data center campus in Jakarta. As well as the capital, Mr. Fong says that Eastern Java and Batam are becoming key data center markets in Indonesia. He said: “They’re not just drawing in international demand, but also experiencing substantial domestic interest. With a thriving community of e-commerce and fintech enterprises in Indonesia, there’s a significant surge in locally-driven demand.”

China

In December 2021, EdgeConneX unveiled its new strategic partnership with leading Chinese data center provider Chayora to help expand its solutions throughout the mainland, including in Tianjin and Greater Shanghai. Tech Wire Asia recently spoke with Chayora CEO James Wei, to discover his insights on how China can sustain a thriving data center landscape going into 2024.

Philippines

In 2022, EdgeConneX forged a partnership with Aboitiz InfraCapital to capitalize on its extensive local market knowledge, as well as its land and power assets in the Philippines. Presently, discussions are underway with potential customers about breaking ground.

Mr. Fong noted: “Aboitiz brings a wealth of essential components to the table for success in the market. With ownership of power resources and real estate, as well as involvement in the construction industry, they offer crucial assets. These complement our [EdgeConneX] global data center platform, build, and operational capabilities, which is why we’ve partnered with Aboitiz.”

India

EdgeConneX has partnered with Adani Enterprises, India’s largest multi-infrastructure organization, since 2021. The joint venture ‘AdaniConneX’, has already set up a data center in Chennai and aims to build out 1 GW of data center capacity by 2030.

Mr. MacNeil stated: “Adani not only brings just the local infrastructure expertise of the Adani Group but, more importantly, the infrastructure supporting power transmission and generation. Adani Group has a similar goal for renewable, sustainable energy; to be at 25 GW by 2025, and it’s well underway. So, in many cases, India has the advantage of significant, fresh investment on all aspects – not only digital infrastructure but also the broader infrastructure requirements.”

Challenges faced by the APAC data center industry

One of the main challenges of expanding the data center industry in Asia is doing so sustainably. Getting access to renewable energy directly, rather than via carbon offsetting, can be difficult in certain countries like Malaysia, Indonesia, and Singapore. Mr. Fong said: “The region’s commitment to sustainability is evident, with countries like Indonesia and Malaysia planning to significantly ramp up their renewable energy generation in the coming years. These initiatives will eventually power the burgeoning data center industry, ensuring a greener and more sustainable digital future for Southeast Asia.”

EdgeConneX is making significant strides in sustainable data center development, even in countries where it is less straightforward. For example, the deal struck for the hyper-scale data center campus in Jakarta was explicitly for ‘sustainability-linked senior facilities’, meaning it will be equipped with sustainability capabilities. Adjustments will be made to the financing terms when EdgeConneX meets certain Key Performance Indicators (KPIs) concerning the Power Usage Effectiveness (PUE) of data centers, the use of renewable electricity, and achieving safety goals.

Looking to the future

Source: Shutterstock

As Mr. MacNeil noted, “Over the next 24 months, we will see the impact of the next wave of data center expansion, driven by AI, building on the already healthy pace of growth of Cloud. All of that also driving the virtuous infrastructure expansion in connectivity through terrestrial fiber optics and submarine cable expansion – it’s exciting to be a part of this wave.”

According to the Asia-Pacific Trade and Investment Report 2023-2024, the region posted a 9 percent growth rate in digitally deliverable exports from 2015 to 2022, outpacing the global average of 6.8 percent. Now, the continuation of this growth is paired with ambitious sustainability and net-zero goals, pledged by many APAC countries including China, Japan, South Korea, and Singapore.

EdgeConneX’s strategic vision and collaborations aim not only to meet the burgeoning demands of Cloud and AI but also committed to contributing to growth in a responsible and sustainable manner across the Asia-Pacific data landscape.

Mr. Fong said: “This sets the momentum for our investments in Indonesia and Malaysia. We aim to seize this market opportunity as it begins to rise. Therefore, pinpointing the optimal locations and timing is crucial for our success in this endeavor.”

To explore EdgeConneX’s comprehensive array of cutting-edge data centers throughout the Asia-Pacific region, and to inquire about tailored data center solutions for your business, visit the EdgeConneX website today.

The post The view of APAC data centers in 2024: Trends, challenges, and EdgeConneX’s impact appeared first on Tech Wire Asia.

Core banking systems serve as the backbone of financial operations and customer interactions for banks worldwide. They deliver loan management, withdrawals, deposits and other critical transactions in real-time, but a system with this number of capabilities comes at a hefty cost. Financial institutions (FIs) are spending up to US$100 billion a year on technology, and for good reason, as the best-in-class solutions can provide a significant competitive edge. Modern all-in-one platforms offer efficiency improvements, scalability and flexibility, comprehensive data analytics capabilities, robust security measures and, ultimately, cost savings.

The necessity for digital transformation

The COVID-19 pandemic and increased competition have accelerated the pace of digital transformation in Asia-Pacific FIs. Customers increasingly use digital channels and services, so banks allocate more resources to their technology budgets. However, merely maintaining legacy systems is no longer sufficient. Older IT stacks represent significant technical debt creating challenges in maintaining uptime, innovating at pace and meeting evolving market needs.

Investments in technology drive digital maturity, product agility, data-driven personalisation and, overall, enhance the end-to-end financial experience.

Despite the majority having clear digital strategies, over 80 per cent of APAC banks have yet to achieve their digitalisation goals. Furthermore, the emergence of digital-native banks and fintech firms poses a significant threat to traditional incumbent banks. Over 40 digital-native banks had been launched in APAC as of 2023, with a further 100 expected by 2025. Increased competition directly challenges incumbent banks’ market share. To future-proof their operations and mitigate the risks associated with technical debt, existing APAC banks must prioritise core modernisation.

Source: Mambu

The problems of a ‘big bang’ approach

A ‘big bang’ legacy replacement can seem tempting, as it promises a swift and comprehensive solution to outdated core banking systems’ problems. However, this approach often brings about problems that can outweigh benefits. Firstly, the sheer scale and complexity of replacing an entire legacy system can overwhelm resources, leading to prolonged implementation timelines that span years and risk substantial cost overruns. The necessary tech expertise can be hard to source and the risk of operational disruptions during the transition period is significantly higher. This approach also tends to overlook the intricacies of individual banking functions, resulting in weaknesses emerging in critical areas like Customer Relationship Management (CRM), channels and payments. This demands separate transformation efforts and can lead to functional silos and unprecedented costs.

Consider incremental changes

Incremental change using dual and parallel core platforms is suggested as a strategy with less risk and lower cost compared to a ‘big bang’ approach. Dual core platforms involve progressively migrating customers based on key lifecycle events like product rollouts using existing digital capabilities.

Parallel core platforms entail launching new customer propositions and experiences and then aggressively migrating existing customers through re-enrollment or by recreating accounts. Both approaches facilitate incremental transformation for APAC banks by either gradually updating existing systems or introducing new solutions alongside legacy infrastructure. Incremental yet otal transformations then take a matter of months to complete as opposed to years, and without disruption to critical systems.

Other advantages of incremental transformation include a reduction in time-to-market of new products by up to 80 per cent, enabling banks to compete more effectively. It also offers a reduced cost of change by extending the existing digital capabilities with APIs to meet evolving demands. Finally, it facilitates the easy setup and integration of new ecosystems that can future-proof the tech stack.

Source; Mambu

How Mambu can help

Whether choosing to go down a dual or parallel core route, the Mambu cloud banking platform helps banks complete their transformations quickly and with operational stability, at a fraction of the cost of a ‘rip and replace’ approach.

It enables a test-and-learn methodology, allowing organisations to evolve gradually while minimising disruption to services without heavy back end reconfiguration. The single software-as-a-service (SaaS) solution suits to all banking functions, ensuring commercial alignment, and Mambu’s network of third-party partners can further tailor the platform to specific business requirements. This presents a 30 per cent saving on typical integrations and upgrades and 35 per cent saving on product customisations and changes (CRs).

Mambu allocates up to 20 per cent of product innovation budgets to resolving technical debt issues, enabling more forward-thinking initiatives. With up to 50 per cent lower resource requirements for maintenance due to the absence of tech debt-created issuest, the digital core offering optimises engineer focus. This ultimately drives faster project execution and time to market, resulting in an up to 60 per cent improvement in deployment timelines.

Fernando Zandona, the Mambu CEO, said: “Asia Pacific financial institutions that partner with Mambu are able to remain agile while operating on a lean budget, and can find better and faster ways to meet their customers’ expectations.

By enlisting Mambu for their incremental digital transformation journey, APAC banks can unlock new opportunities for competitiveness, agility and customer-centricity in the digital age. To discover how Mambu can take your core banking systems to the next level for less, visit the website or contact one of the expert team today.

The post Transforming core banking systems: Incremental change vs ‘big bang’ approach appeared first on Tech Wire Asia.

Environmental sustainability is a top priority for business leaders worldwide due to the increasing severity of the climate crisis and associated regulations. However, that is not the only type of sustainability that requires focus in 2024. “Businesses cannot operate, cannot function, and will not be able to meet our profit goals or help our planet survive if we are not focused on people,” said Jennifer McClure, the CEO of Disrupt HR, in a recent webinar. A report from the IDC defines ‘people sustainability’ as “the intersection of employee engagement, empowerment, and corporate responsibility.” It encompasses the holistic view of an organization’s relationships with employees, customers, and suppliers to ensure long-term success. For HR teams, actively implementing people-centered initiatives internally is crucial in fostering a positive and sustainable work environment. These might support diversity, equity, and inclusion (DEI), health and safety, or professional development. Such initiatives create a workplace culture where employees feel valued and supported, leading to higher productivity and retention. Establishing people sustainability as an integral aspect of the company’s identity in the marketplace can significantly enhance its brand reputation among customers and third-party suppliers.

Why is it so important in 2024?

Demonstrating that the organization champions its people is, arguably, more important now than ever. Many are facing labor shortages, and reasons for this include potential employees rejecting strict ‘back to the office’ policies or prioritizing personal development over joining the workforce. These factors also contribute to high attrition rates – according to PwC, in the next 12 months, almost a third of employees in the Asia Pacific region are likely to change employer, an increase of 10 percent on last year. A survey of 11,000 global employees from BCG recently found that salary, benefits, work-life balance, enjoyable work, and career learning opportunities were the top five factors that would tempt people to a new job. Younger employees, in particular, are placing more emphasis on company benefits. Such skills shortages, therefore, mean that companies need to offer more to attract top talent and survive in the current business landscape.

Source: Shutterstock

How can HR teams achieve people sustainability?

1. Employee engagement: Ensure that employees are engaged and motivated within the organization and the work they do. This can be achieved with regular feedback mechanisms, opportunities for professional growth and development, and recognition and rewards for achievements.
2. Empowerment: Providing employees the autonomy and authority to make decisions and take action will make them feel trusted and valued. Offering opportunities for employees to contribute their ideas and voice their concerns can help foster a sense of ownership and commitment to the organization’s goals.
3. Corporate responsibility: Incorporating social and environmental responsibility into business practices, for example, through carbon footprint reduction and volunteering initiatives, will enable the business to contribute positively to society while enhancing its brand image. As a result, companies can attract new socially conscious customers, investors, and employees.
4. Diversity, equity, and inclusion: Fostering a diverse and inclusive workplace where everyone feels valued and included is essential. This can be achieved through diversity training programs, unconscious bias training, and mentorship and sponsorship programs for underrepresented groups, creating a culture of openness and respect.
5. Trust and transparency: Transparent communication and actions build trust among employees, making them feel more secure in their roles. Achieving this could include setting up an open pay and reward structure, clear expectations, and honest feedback mechanisms. Indeed, hearing from employees allows a business to continuously improve its processes.
6. Well-being and balance: Since the pandemic and the huge transition towards home-working, many employees prioritize their work-life balance over other aspects of their jobs. Employers can support this through flexible working policies, well-being allowances, and mental health initiatives.
7. Health and safety: All employees should feel safe at the workplace as a minimum, but employers can go beyond with extra safety training sessions, health insurance, and even ergonomic workstations. This not only ensures compliance with regulations but also makes staff feel valued and protected.
8. Digital transformation: State-of-the-art technologies, like human capital management (HCM) software, enable organizations to centralize employee data, track performance metrics, and implement talent management strategies effectively. This can have a significant impact on people sustainability by making employees’ day-to-day tasks easier and supporting their continued growth.

The Rizing approach

A sustainable approach to the workforce is a lot easier to implement with a digital solution. Rizing People provides organizations with the tools they need to realize their people’s full potential and create a resilient and sustainable workforce. The comprehensive HCM solution, powered by SAP SuccessFactors, supports the entire talent lifecycle with features tailored to optimize core HR processes, performance management, talent acquisition, learning, succession planning, and compensation.

Rizing People provides a centralized view of employees’ data, ensuring efficient management of organizational, personal, and payroll information. This can be used to spot opportunities for improvement, set achievable goals, and identify rewardable successes. Specific Performance and Goals functionalities also facilitate the continuous alignment of employee activities with business objectives. This information is easily accessible by employees through an intuitive, mobile-friendly interface so they can remain motivated. Furthermore, the Talent Acquisition tools streamline the recruitment process, facilitating smooth and universal onboarding experiences that improve the employee experience.

Rizing People’s training capabilities empower employees to develop new skills that could lead to opportunities for progression and enhance their engagement at work.  Nurturing talent internally also ensures long-term organizational resilience and growth. Its Compensation Management tools improve budget accuracy and fairness, ultimately contributing to employee satisfaction and retention.

By taking advantage of Rizing People’s features, organizations can create a supportive environment where employees are engaged, developed, and rewarded appropriately. Discover more about how your business can achieve true people sustainability with Rizing People by watching the ‘Strategies for Building a Resilient Workforce’ webinar or contacting the expert team today.

The post What is ‘people sustainability’ and why is it so important for HR teams in 2024? appeared first on Tech Wire Asia.

In an era where digital privacy is paramount, Apple is integrating PQ3 into iMessage. This announcement marks a watershed moment in messaging security, propelling iMessage to unprecedented heights of protection. As the first widely deployed messaging app to achieve Level 3 security, what does the announcement mean for iPhone users, and why should they care?

NO IMESSAGE ON ANDROID: APPLE BLOCKS THIRD-PARTY APP

Aaron Raj | 12 December, 2023

At the heart of Apple’s PQ3 integration lies a revolutionary cryptographic protocol designed to withstand the challenges posed by quantum computing. Unlike traditional encryption methods, which may be vulnerable to future quantum attacks, PQ3 provides robust protection against even the most sophisticated adversaries. Using advanced cryptographic techniques, PQ3 ensures that iMessage conversations remain secure and private, regardless of the evolving threat landscape.

“To our knowledge, PQ3 has the strongest security properties of any at-scale messaging protocol in the world,” Apple’s Security Engineering and Architecture (SEAR) team stated in a blog post a week ago.

The new state of the art in quantum-secure messaging at scale. Source: Apple.

A quantum leap in messaging security

Traditionally, messaging platforms rely on classical public key cryptography like RSA, elliptic curve signatures, and Diffie-Hellman key exchange for secure end-to-end encryption. These algorithms are based on complex mathematical problems deemed computationally intensive for conventional computers, even with Moore’s law in play. However, the advent of quantum computing poses a new challenge.

A powerful enough quantum computer could solve these mathematical problems in novel ways, potentially jeopardizing the security of end-to-end encrypted communications. While quantum computers capable of decryption aren’t yet available, well-funded attackers can prepare by exploiting cheaper data storage. They accumulate encrypted data now, planning to decrypt it later with future quantum technology—a tactic termed “harvest now, decrypt later.”

When iMessage launched in 2011, it became the first widely available messaging app with default end-to-end encryption. Over the years, Apple has continually enhanced its security features. In 2019, the iPhone maker bolstered its cryptographic protocol by transitioning from RSA to elliptic curve cryptography (ECC) and safeguarding encryption keys within the secure enclave, increasing protection against sophisticated attacks. 

“Additionally, we implemented a periodic rekey mechanism for cryptographic self-healing in case of key compromise. These advancements underwent rigorous formal verification, ensuring the robustness of our security measures,” the blog post reads. The cryptographic community has been developing post-quantum cryptography (PQC) to address the threat of future quantum computers. These new public key algorithms can run on today’s classical computers without requiring quantum technology. 

Designing PQ3

Designing PQ3 involved rebuilding the iMessage cryptographic protocol to enhance end-to-end encryption, meeting specific goals:

1. Post-quantum cryptography: PQ3 protects all communication from current and future adversaries by introducing post-quantum cryptography from the start of a conversation.
2. Mitigating key compromises: It limits the impact of critical compromises by restricting the decryption of past and future messages with a single compromised key.
3. Hybrid design: PQ3 combines new post-quantum algorithms with current elliptic curve algorithms, ensuring increased security without compromising protocol safety.
4. Amortized message size: To minimize additional overhead, PQ3 spreads message size evenly, avoiding excessive burdens from added security.
5. Formal verification: PQ3 undergoes standard verification methods to ensure robust security assurances.

According to Apple, PQ3 introduces a new post-quantum encryption key during iMessage registration, using Kyber post-quantum public keys. These keys facilitate the initial critical establishment, enabling sender devices to generate post-quantum encryption keys for the first message, even if the receiver is offline.

Furthermore, PQ3 implements a periodic post-quantum rekeying mechanism within conversations to self-heal from crucial compromise and protect future messages. This mechanism creates fresh message encryption keys, preventing adversaries from computing them from past keys.

The protocol utilizes a hybrid design, combining elliptic curve cryptography with post-quantum encryption during initial critical establishment and rekeying. Rekeying involves transmitting fresh public key material in line with encrypted messages, with the frequency of rekeying balanced to preserve user experience and server infrastructure capacity.

PQ3 continues to rely on classical cryptographic algorithms for sender authentication and essential verification to thwart potential quantum computer attacks. These attacks require contemporaneous access to a quantum computer and cannot be performed retroactively. But Apple noted that future assessments will evaluate the need for post-quantum authentication as quantum computing threats evolve.

A man uses an Apple iPhone in Beijing on September 12, 2023. (Photo by Pedro PARDO/AFP).

Why PQ3 on iMessage matters for iPhone Users

Integrating PQ3 into iMessage signifies a huge leap forward in privacy and security for iPhone users. With the exponential growth of data and the looming specter of quantum computing, traditional encryption methods face unprecedented challenges. PQ3 mitigates these risks by providing quantum-resistant protection, ensuring that your conversations remain shielded from future threats. 

PQ3’s implementation in iMessage demonstrates Apple’s interest in safeguarding user privacy and staying ahead of emerging security threats. Beyond its robust encryption capabilities, PQ3 introduces a host of additional security features designed to enhance the overall integrity of iMessage. These include secure fundamental establishment mechanisms, cryptographic self-healing protocols, and real-time threat detection capabilities. 

By incorporating these advanced security measures, Apple hopes to ensure that iMessage remains a bastion of privacy in an increasingly interconnected world.

When can iPhone users expect the update?

Support for PQ3 will begin with the public releases of iOS 17.4, iPadOS 17.4, macOS 14.4, and watchOS 10.4. Already available in developer previews and beta releases, PQ3 will automatically elevate the security of iMessage conversations between devices that support the protocol. As Apple gains operational experience with PQ3 globally, it will gradually replace the existing protocol within all sustained conversations throughout the year.

The post Apple adds PQ3 protocol into iMessage appeared first on Tech Wire Asia.

Source: Shutterstock

With limited time to produce results, many leaders resort to an expensive Enterprise Resource Planning (ERP) solution overhaul, but this can cause more challenges than it solves. Replacing an ERP or bringing in a new version can lead to significant disruptions as users adapt to new systems and workflows. Data migrations can also be tricky to implement properly, and the ROI of the new solution may not even be felt for another three or four years. Indeed, many businesses will have already made substantial investments in their current ERP systems, which would go to waste in the event of replacement.

Noting these disadvantages, some CFOs and CIOs are discovering how to deliver better business results quicker with a Business Spend Management (BSM) platform. These solutions can take just a year to implement and work alongside an existing ERP so that any existing software investments are not wasted.

Raymond Ngan, the Area Vice President at Coupa Software, told Tech Wire Asia: “BSM is a fit-for-purpose solution delivering high-impact business outcomes at a relatively low investment and lower risk over an ERP overhaul. We do not need to boil the ocean if it is not necessary.”

Tech Wire Asia takes a closer look at five ways BSM platforms can unlock hidden value from a business.

1. Increases spend visibility

Limited spend visibility can create several challenges for a business, including impeding efficient scaling by obscuring the true extent of financial commitments across all departments. Similarly, without a detailed breakdown of spending categories and patterns, companies may struggle to track their capital expenditure accurately and manage diverse financial portfolios.

A BSM platform enhances financial transparency by centralising spend activities and providing a comprehensive overview. This ultimately provides CFOs with the ability to budget and align financial strategies with business goals.

2. Breaks down data silos

Consolidation of information from different departments breaks down data silos. Isolated pockets of information can severely hamper efficiency, hinder collaboration and impede strategic decision-making. After integration with existing organisational processes, BSM platforms create a continuous flow of data that ensures relevant information is accessible to all stakeholders at any time, fuelling cross-departmental collaboration and communication.

3. Reduce environmental impact

With a BSM platform, organisations can meticulously track and analyse their spending across the entire supply chain, identifying areas with high environmental impact. By providing insights into resource consumption, waste generation and supplier practices, the systems empower businesses to make informed decisions that prioritise environmentally sustainable practices. Additionally, companies can conserve essential resources by digitising paper-based processes.

Source: Shutterstock

4. Enables business agility

As the primary user interface, a BSM can integrate with ERP systems, facilitating swift adjustments to financial allocations and expenditure plans. The BSM’s emphasis on avoiding unnecessary customisations streamlines the implementation and upgrade processes, ensuring organisations can respond promptly to evolving business needs without the burden of making time-consuming modifications.

5. Improve supplier relations

Inefficient AP processes and payment delays brought on by low internal spend visibility can significantly impact supplier relationships. Any reputational damage might also have a domino effect on new business opportunities and, ultimately, revenue.

However, a best-in-class BSM can reduce these difficulties and delays through automation. With AI-driven commodity classification, for example, transactional-level spend can be mapped to a standard taxonomy with consistency and accuracy in reporting, making it easier to manage supplier payments.

The Coupa solution in action

XL Axiata, a leading telecommunications group, faced inefficiencies in scaling due to separate processes and ERP systems across its six business units, resulting in low spend visibility. It also placed over seven per cent of spending on capital expenditure but did not have the means to track its financial portfolio accurately.

The company decided to implement Coupa’s AI-driven BSM platform to help it gain visibility over both indirect and direct spending. The solution, particularly its Advanced Analytics feature, connected XL Axiata’s disparate ERPs and centralised all financial data and processes, bringing 94 per cent of spend under management. XL Axiata was able to unlock more capital and improve budgeting and resource allocation for future projects.

Mr Ngan said: “Coupa de-risks and future-proofs your business by streamlining your enterprise-wide spend and insights into supplier risk and supply chain risk.”

CBRE, a global leader in real estate, experienced similar success when it integrated Coupa Invoicing Management. The company faced challenges with a high number of supplier invoices at risk of late payment, plus poor visibility and accountability in the payment cycle, straining supplier relations.

Implementing Coupa’s AI-driven commodity classification engine improved payment fulfilment by almost 90 per cent, streamlining the invoicing process and providing accurate spend categorisation. The solution also resulted in a user-friendly experience for suppliers and AP, leading to a more efficient payment process and stronger supplier relationships.

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With the amount of financial data businesses collect increasing at a high rate, having proper control of data is crucial for informed decision-making. Coupa’s BSM provides real-time visibility into payments across teams, currencies and accounts, allowing organisations to cut wasteful spend and optimise their processes.

Its comprehensive suite of applications, covering areas such as Procurement, AP and Supply Chain Management, provides a unified, cloud-native extension to existing ERP systems. The no-code customisation approach, combined with regular releases driven by customer feedback, enable its users to adapt and innovate.

Coupa’s solution facilitates a touchless AP process with automatic monitoring, ensuring efficiency and accuracy in intake, purchasing and invoicing. It simplifies supplier onboarding, helping to foster stronger relationships and reduces risk through AI-powered threat detection and performance assessment. Furthermore, Coupa’s innovative Community Intelligence, fuelled by a repository of over $6 trillion in anonymised transactional data, offers benchmarking capabilities and prescriptive insights into spend management.

Mr Ngan said: “Coupa’s approach to ensuring customer success focuses on driving a successful, measurable outcome for your business. Our joint success is measured against the success metrics that we jointly sign up for at the get-go of our partnership.”

Find out more about how a comprehensive BSM solution like Coupa can help future-proof your organisation by downloading ‘The CFO’s Guide to Business Spend Management’ ebook or contacting its expert team today.

The post Five ways a comprehensive Business Spend Management platform can unlock growth for your business appeared first on Tech Wire Asia.

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“Through COVID, lead times didn’t just increase, they doubled, they tripled, and we’re talking international lead times,” Mark Hopkins, Netstock’s Global VP of Professional Services, told Tech Wire Asia. “I don’t think I ever thought I’d be saying that the ‘good old days of 2019’, and yet the supply chain has changed massively in the last four years. Now, we understand that we need to be prepared to understand the unexpected much faster than we were ever before.”

The unpredictability of supply chains makes it challenging for businesses to effectively manage their inventory. Not being able to accurately forecast demand leads to over or understocking issues that can have profound financial repercussions. Indeed, increased costs stemming from storage expenses, rerouting, and expedited shipments have added financial strain to businesses already grappling with the aftermath of various disruptions. Delays in product availability, increased prices, and a lack of transparency in the supply chain contribute to customer dissatisfaction and further revenue losses.

On the other hand, maintaining inventory visibility can offer a lifeline when navigating the impacts of supply chain disruptions. It allows companies to anticipate and respond swiftly to disruptions, enabling proactive decision-making. Businesses can identify potential shortages, adjust safety stock, and mitigate the impact of extended lead times. Such visibility is crucial for fostering resilience, aligning inventory planning with real-time demands, and building a supply chain capable of adapting to unforeseen events.

Mr Hopkins said: “Static planning – the idea that I should be able to keep up on a spreadsheet – is a common mistake. People who are trying to survive by setting a static safety stock just can’t keep up now because the rules keep changing.

“The Eustralis example really shows you the dangers of when people aren’t necessarily thinking about spreadsheet planning.”

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Eustralis, a premium food and wine wholesaler from Perth, Australia, faced a number of inventory challenges at the start of 2023. These included a lack of visibility, supply chain disruptions ongoing from the COVID-19 pandemic, branches operating in silos, and holding excess stock.

Mr Hopkins said: “They ended up having a bunch of little mini silos inside their business because each person’s spreadsheet was planned separately, and the knowledge that was baked into them wasn’t really being shared across the business.”

The company decided to implement the inventory management solution Netstock to help address its challenges and transform operations. The system not only addressed its pre-existing challenges but also equipped it to navigate the tumultuous global supply chain landscape with demand forecasting. “Switching to a tool like Netstock allowed [it] to have visible data understood across the business, which allowed better collaboration,” said Mr Hopkins.

The newfound visibility enabled Eustralis to manage inventory proactively, anticipate potential shortages, and align stock levels with real-time demands. Eustralis achieved a 35 percent reduction in inventory within seven months, a feat that saved on storage costs and allowed it to adapt to the extended lead times. The company’s ability to streamline operations and respond swiftly to changing conditions resulted in a 50 percent increase in sales while maintaining an impressive 97 percent fill rate.

In the wake of the current shipping disruptions, inventory-holding businesses now need the right tools to help them improve visibility and accuracy, and adjust their planning to changes in supply and demand. Netstock is a robust yet affordable inventory management solution that can prepare organizations to weather future disruptive events. Through seamless integration with existing Enterprise Resource Planning (ERP) systems, the platform optimizes inventory processes without necessitating a complete overhaul. Its cutting-edge technology unlocks hidden capital by quickly identifying excess stock, ensuring businesses realize a prompt return on investment. The user-friendly interface, coupled with the Netstock Learning Academy and exceptional onboarding support, ensures accessibility for users with varying technical expertise.

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Netstock’s standout feature, the Pivot Forecasting Engine, enables precise demand predictions, aiding informed decision-making on stock levels and procurement. “Seeing the impact on your business gives you the ability to take action that allows you to stay in stock,” said Mr Hopkins. “If your supplier decides to ship early and you aren’t achieving your sales on time, you’re not actually ready to pay them on time, so having a tool that allows you to project the impact in both directions is essential.

“It makes it easy for you to buy in and realize that you actually are heading the right way or, conversely, if you see a profile that shows a road you don’t want to follow, you can make some adjustments to the plan. The visibility of information allows you to make decisions faster, and, of course, that’s how you handle disruption better, as you are in a better position to make a decision more quickly.”

To learn more about how Netstock can help turn your inventory into a valuable asset and optimize your business’s financial health, download this free e-book today.

The post Keeping stock of your stock: How to build a resilient supply chain in 2024 appeared first on Tech Wire Asia.

Raymund Chao, the chairman of PwC Asia Pacific and China, said:

“Competition continues to intensify, risks of disruption remain and societal expectations are rising, which collectively challenges the viability of every business. To truly flourish in an environment that is continuously evolving, organisations must transform and adapt at speed. One of the primary ways to help them achieve such agility is by adopting best-in-class digital technologies.”

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Customer Communications Management (CCM) has evolved from a traditional tool for one-way communications to a pivotal component in the customer experience (CX) stack. The “experience economy” demands seamless, digital-first interactions, compelling enterprises to prioritise proactive and personalised experiences.

Along with economic challenges and shifting business priorities, companies in the Asia-Pacific region are increasingly seeing the critical role of CCM in addressing customer expectations and reducing friction across channels. This is driven by the need for cohesive, integrated platforms that leverage data, technology and human interactions to visualise and manage customer journeys effectively.

To determine the tangible impact that CCM is having on APAC businesses, Omdia (on behalf of Quadient) surveyed 419 CX-focused leaders in Singapore, Australia and New Zealand about the priority of CCM in their customer experience management (CXM) ecosystems.

When asked about the top priorities for this integration, 56 per cent of the respondents cited process automation, 54 per cent emphasised personalisation and 42 per cent said self-service. This indicates an overall shift in business priorities towards enhancing customer journeys and engagement.

About a third of the leaders in financial services, banking, telecoms and utilities said they had employed Chief Experience Officers (CXOs) to guide their CCM initiatives, demonstrating the elevated importance of successful platform deployment.

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Across all departments, “increasing productivity gains” was cited as the primary objective for their CCM investments. This shows that CCMs are becoming key to addressing employee shortages and turnover, which has become an issue for APAC business leaders due to the out-migration of skilled workers, an ageing workforce and insufficient resources for training.

In addition to allowing companies to remain competitive, digital technologies like CCM platforms are becoming an essential line of defence against rising phishing scams and electronic fraud.

Complaints to the Australian Financial Complaints Authority (AFCA) related to scams doubled in 2023 over the previous year. A notable example was the scammer who tricked consumers out of their life savings by sending texts pretending to be HSBC Australia.

Elsewhere, the Monetary Authority of Singapore has proposed a ‘Shared Responsibility Framework’ which outlines how responsibility for phishing scam losses will be shared among the relevant financial institutions and telecommunications companies as well as the consumer. In this context, compliance, timeliness, authenticity and process automation in communications management are crucial for organisations to prioritise, not only to enhance customer experience but also to safeguard against the escalating threats of fraudulent activities.

The CCM platform organisations choose to deploy must support a seamless and personalised CX, simplify communications management, be interoperable with other customer engagement applications and defend against bad actors. A leading provider of such a solution is Quadient. By incorporating wizard-driven forms, mobile onboarding and real-time automated interactions, the Quadient Inspire CCM actively enhances customer engagement and satisfaction. It views the CX as a continuous journey by employing a customer journey map that incorporates key performance indicators (KPIs), tracks issues, conducts analysis and assigns relevant content to each stage of the customer journey.

The Quadient AI engine can suggest minor content improvements for sentiment, tone and readability, as well as more significant changes through alternative sentences and translations. On top of providing cleaner and more engaging communications, this feature ensures personalised communications with a consistent voice.

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Quadient’s versatile deployment options, including software-as-a-service (SaaS), public cloud, on-premise or a hosted managed service, cater to diverse organisational needs. It provides the flexibility businesses need to remain profitable through difficult economic conditions. It also allows those in countries with stringent consumer data laws to maintain compliance.

Recognised for its performance and scale by customers and partners, Quadient efficiently handles large communication volumes with its Scaler engine executing multiple output delivery and processing tasks. This contributes significantly to increased productivity and, ultimately, a better employee experience.

With tedious, repetitive tasks taken off their hands, staff can hit their KPIs more quickly and concentrate on more interesting, strategic work.

To help facilitate quicker adoption and return on investment, Quadient streamlines the implementation and migration experience from legacy CCM systems with migration tools and prebuilt integrations, templates and content objects.

Discover more about how CCM is revolutionising APAC businesses by downloading the Quadient whitepaper ‘CCM’s Essential Role in the Asia Pacific CX Ecosystem’, and find out how the Inspire CCM can future-proof your business by visiting the Quadient website.

The post Why CCM has emerged as a modern concoction of digital experience, communications automation and compliance appeared first on Tech Wire Asia.

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Leading data center providers EdgeConneX and Chayora unveiled a strategic partnership in December 2021 to expand their solutions throughout mainland China, including Beijing and Shanghai.  EdgeConneX has carved its niche as a global leader in hyperscale data center deployments, recognized for its extensive experience and proficiency in delivering top-tier solutions across diverse markets worldwide. Chayora is a trailblazer in data center innovation in China, renowned for its proven high-density, High-Performance Computing (HPC)-ready designs. The company excels in delivering efficient, customized data center solutions, allowing unparalleled speed to market. The collaboration between EdgeConneX and Chayora provides state-of-the-art infrastructure solutions in China that cater to the burgeoning demands of an increasingly digitalized ecosystem.

TechHQ spoke with Kelvin Fong, the Managing Director of EdgeConneX Asia Pacific, and James Wei, the CEO of Chayora, to uncover their insights on how China can sustain a thriving data center landscape in 2024.

THQ: What is driving the growth of the data center industry in China?

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JW: “The country’s desire to develop and advance capability in key technologies such as cloud, AI, and quantum computing is creating the right conditions for tech innovations to bloom and flourish in China.

“There is growing demand for digital infrastructure to power new business applications and online services for users, especially as internet penetration continues to grow at a healthy rate. At the start of 2023, internet penetration was about 73.7 percent. By June, it had increased to about 76.4 percent.

“In addition, the explosion of AI-powered services and capabilities requires more high-density data centers than before to support. The continued integration of AI technologies into everyday applications will culminate in greater power demand for AI training and inferencing. Powerful hyper-converged infrastructure (HCI) systems deliver more powerful on-premises and computing capabilities.

“Power demands at the rack level are expected to increase rapidly due to these new high-density systems. This drives newer solution designs and features to provide enough power along with adequate cooling.”

KF: “China has been investing heavily in AI research and development. The implementation of AI technologies, such as machine learning and deep learning, requires significant computational power, driving the need for advanced data centers.

“Furthermore, the Chinese government has been promoting the development of government cloud services. Chinese telecommunications companies play a crucial role in building and maintaining these government cloud infrastructures, contributing to the demand for robust data centers.

“The booming e-commerce industry in China also generates massive amounts of data related to online transactions, user behavior, and logistics. The growth of fintech services in China, such as digital payments and financial analytics, contributes to the increasing demand for data storage and processing capabilities.

“Finally, the development and testing of autonomous vehicles rely heavily on data processing and storage. China has been making strides in autonomous vehicle technology. Further, collecting and analyzing vast amounts of data from sensors and cameras in real-time require robust data center infrastructure.”

THQ: How can businesses utilize data centers for growth opportunities while effectively managing computing power demands and challenges?

KF: “Chinese businesses can harness the power of data centers to accommodate next-generation technologies, particularly AI. Data centers provide the computational resources needed for AI algorithms, machine learning, and data processing, enabling companies to extract valuable insights and improve decision-making processes.

JW: “They must also stay abreast of technological developments and adopt relevant cutting-edge systems to enhance data center capabilities and performance.”

KF: “Chinese businesses can foster collaboration, creativity, and innovation by leveraging data centers as innovation hubs. By creating an environment that encourages experimentation and the development of cutting-edge solutions, they can stay ahead in the rapidly advancing tech landscape.”

JW: “Businesses can partner with leading data center operators with the technical capabilities to deliver efficient design with market-leading power usage effectiveness (PUE). In doing so, they can adopt customized data center deployments tailored to exact requirements to minimize inefficiencies.”

THQ: To your knowledge, are customers actively pursuing energy-efficient solutions, particularly those aimed at achieving a low PUE?

KF: “The importance of low PUE varies depending on the specific technology involved. For instance, in applications that involve AI training, where latency is not a critical factor, the focus tends to shift towards optimizing computer power rather than minimizing latency. In these cases, managing PUE becomes crucial, and many customers explore strategies such as incorporating renewable energy sources to enhance sustainability.

“Furthermore, investing in renewable energy, such as solar or wind power, can lead to long-term cost savings. By adopting renewable energy sources, Chinese businesses can contribute to a more stable and sustainable business model.”

THQ: How do you see the partnership between Chayora and EdgeConneX supporting China’s rising demand for digital infrastructure?

JW: “[By] leveraging the best-of-the-breed data center know-how and capabilities from each other. EdgeConneX has extensive experience in global hyper-scale deployments, while Chayora is the China [native] platform and market expert with deep local relationships. We can execute quickly through Chayora’s familiarity with the Chinese data center ecosystem.

“Together, we provide a complete global hyperscale data center platform spanning over 50 of the hottest markets, spring-boarding businesses’ expansion where and when they need it.”

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KF: “As Chinese enterprises embark on their global expansion journey, collaborating with a robust partner becomes pivotal in streamlining this process. This strategic alliance has the potential to provide invaluable expertise, essential resources, and specialized services, thereby bolstering the internationalization endeavors of Chinese companies operating in the digital sector.

“Pooling our strengths, we can harness the unparalleled knowledge and capabilities of top-tier data centers from both sides. Leveraging Chayora’s familiarity with the intricacies of the China data center ecosystem will enable us to execute swiftly. Our partnership is poised to accelerate our collective success.

“Moreover, both organizations are actively cultivating their proficiency in high-performance computing solutions. This convergence aligns with our shared objectives and establishes the ideal win-win scenario for ‘East Data and West Computing’.”

For more information on the Beijing-Tianjin Data Center Campus, please visit here.

For more information on the Greater Shanghai Data Center, please visit here.

The post China’s journey towards a digitally advanced 2024: In conversation with EdgeConneX and Chayora appeared first on Tech Wire Asia.

Yet there’s a delicate balance between digital innovation and human interaction: the human part of the equation will always be critical. AI solutions can handle routine queries where human interaction isn’t essential, while human expertise is necessary for those requiring empathy.

The need for a seamless omnichannel experience

Customers today expect organisations to understand their needs and preferences and offer help, support, and solutions (or just a friendly ear) across all channels. Text, voice, messaging – each carries the company’s brand, so each is to be valued.

Research shows, however, that the transition between customer service channels still creates pain points for customers. A seamless omnichannel CX is imperative, and this can be achieved with a state-of-the-art cloud solution.

Centralised data storage means that regardless of the channel the customer chooses, the right information is there for the agent or automated system. When there’s a need or a preference to switch channels, the customer’s experience never drops in quality.

The role of AI in enhancing CX

AI technologies (natural language processing, large language models, cognitive algorithms and so on) can decipher complex queries, understand emotional tone through sentiment analysis, and recognise intent.

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This additional context enables agents to accurately anticipate the customer’s needs and tailor their responses accordingly, perhaps by directing them to a more suitable resource. Issues are ultimately addressed more quickly, leading to improved CX and loyalty, but inimitable human empathy is retained.

Making it better, all the time

The nature of AI is that it learns continuously, so the sooner contact centres begin their AI journey, the better their CX will be. Smart algorithms learn the patterns of interactions, get to know the sentiments expressed at every touchpoint, and can find faster ways to resolve issues.

Most contact centre solutions in this space will come pre-trained to some degree. But it’s after the embedding of an AI-powered system that the real results start to appear. Today’s omnichannel contact centre solutions with AI at their heart help brands’ operations at the point of contact by:

– Sorting and prioritising according to need.

– Allocating the right solution, be that human or ‘bot’.

– Freeing up agents to tackle both the challenging and the interesting.

– Handling the day-to-day problems that would otherwise waste skilled agents’ abilities.

Furthermore, many users of AI in this critical role, central to the brand, will find several other pluses that positively impact elsewhere in the business. That happens when machine learning helps with the following:

– Building impactful data on customers, their behaviours, and preferences.

– Taking more and more repetitive work from human agents.

– Helping skilled workers forge new careers working with AI technology.

– Driving down staff churn by offering engaging and interesting work to employees.

Leading CX solutions for 2024

Two suppliers have emerged as leaders in this field: Nexon Asia Pacific and Genesys. Nexon Asia Pacific (Nexon) offers comprehensive digital solutions plus a critically important consultative service.

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Nexon leverages the technology from Genesys, a global cloud leader in AI-powered experience orchestration, so organisations can seamlessly coordinate technology, interactions, and touchpoints and deliver superior end-to-end customer and employee experiences at scale. By utilising the all-in-one platform Genesys Cloud, organisations can coordinate experiences for customers and employees through a single cloud contact centre platform.

Nexon Asia Pacific

Navigating a successful digital journey toward next-generation technology is a collaborative endeavour. Many Australian organisations use Nexon to consult, deliver, and manage their integrated CX strategy and solution.

Working closely with clients, Nexon’s solution architects begin by thoroughly understanding their current position in their CX journey and identifying their desired destination. They then identify a potential future state and map out the complete solution from start to finish. The team is adept at recommending and deploying cutting-edge technologies that propel clients ahead of the competition, providing full visibility into all operations to harness valuable insights.

Throughout the implementation process, Nexon’s solution architects offer consistent guidance, ensuring clients remain informed and empowered while the project team delivers solutions with rapid time-to-value.

AI is proven to enhance customer journeys and provide predictive insights, providing significant infrastructure cost reductions, and a host of other wins in productivity and operations. By harnessing the power of AI, Nexon enables continuous, personalised engagements across the entire customer journey. This approach enhances customer and employee experiences, driving efficiency and overall business performance.

The partnership between Nexon and Genesys offers clients customised CX solutions for their environment, with ongoing support as organisations evolve.

To explore further about Nexon’s delivered Genesys Cloud CX solution, empowered by AI, please click here.

Genesys – AI-powered experience orchestration platform

Through Genesys Cloud, the number one AI-powered experience orchestration platform, Genesys delivers the future of CX to organisations of all sizes so they can provide empathetic, personalised experiences at scale. As the trusted, all-in-one platform born in the cloud, Genesys Cloud accelerates growth for organisations by enabling them to differentiate with the right customer experience at the right time, while driving stronger workforce engagement, efficiency, and operational improvements.

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It has forged a strategic partnership with Nexon Asia Pacific and names it a trusted MSP (managed service provider) of its own contact centre.

Boasting performance metrics like a 94 per cent average response rate, 90 per cent first-call resolution and a 20 per cent increase in agent productivity, Genesys Cloud sets businesses up to deliver faster, fully personalised customer interactions.

Genesys Cloud has an intuitive, user-friendly design, AI-augmented tools, and a modular architecture that scales to the needs of businesses as they grow.

The platform complies with rigorous security regulations, offering unparalleled protection through TLS encryption for secure traffic and encryption for data at rest with 256-bit AES technology.

Read more on Tech Wire Asia about Security Bank and healthcare provider Maxicare and the benefits their businesses experienced after implementing Genesys Cloud.

The post The future of exceptional personalised CX: Unveiling leading solutions for 2024 and beyond appeared first on Tech Wire Asia.