FEATURE TOMORROW'S PROFESSIONALS GENERATION Z IN … · Contents 05 CEO's Message LEADERSHIP 06...

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Reset Mindsets: DevelopingFuture-Ready Leaders

L E A D E R S H I P S E R I E S

MIM Crucial ConversationsM I M H I G H L I G H T S

Innovative Onboarding Doing Digital Right

F I N A N C E

Jobs in the Age ofArtificial Intelligence

D I G I T A L I S A T I O N

F E A T U R E

TOMORROW'S PROFESSIONALS GENERATION Z IN MALAYSIA

Contents05 CEO's Message

L E A D E R S H I P

06 Reset Mindsets: Developing Future-Ready Leaders

H U M A N R E S O U R C E

09 Shifting Paradigms in the Digital Age

F E A T U R E

13 Tomorrow's Professionals Generation Z in Malaysia

16 Redesigning for the Digital Economy: A Study of SMEs in Southeast Asia

A P A G E I N H I S T O R Y

25 Finding Fun at Work

F I N A N C E

29 Innovative Onboarding Doing Digital Right

35 Financial Crime Risk Management in Asia Pacific A Rising Cost & Urgent Imperative


43 Jobs in the Age of Artificial Intelligence

46 Analysts Offer Key Tips to Help Companies Survive Digital Disruption

O F F T H E B O O K S H E L F

50 2019 Must Reads

M I M H I G H L I G H T S

54 MIM Crucial Conversations

PUBLISHED BYMALAYSIAN INSTITUTE OF MANAGEMENT (MIM) Institut Pengurusan MalaysiaUnit T1-L16-1, Level 16, Tower 1, PJ 33, No. 3 Jalan Semangat, Seksyen 13, 46200 Petaling Jaya, Selangor, Malaysia.

CHAIRMANTan Sri Dato' Seri Megat Najmuddin Megat Khas (Advisor)

CHIEF EXECUTIVE OFFICERSivanganam Rajaretnan

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The Inevitable Change

M uch has changed in the past 62 years, since we first attained independence, and we will continue to see transformations at an exponential level in the coming years. The Volatile, Uncertain, Complex and Ambiguous (VUCA)

world we see around us, sums the nature of the increasingly unpredictable and dynamic environment driven by fast moving technologies and globalisation. The need to revolutionise the way we work and learn, keeping abreast of trends and anticipating changes to be ahead of the game becomes imperative.

Our latest event, the MIM Crucial Conversations, titled Future-Ready HR Professionals, presented a line-up of HR experts who shared their insights on fresh sets of trends that impact the way HR operates. The keynote speaker, the Minister of Human Resources, YB Kulasegaran, shared how uplifting the standards of education and training will elevate Malaysia’s talent pipeline with diverse skills across all education levels, thus ensuring highly-skilled human capital for tomorrow’s workforce. Check out the highlights of the event on page 54.

Echoing the Minister’s speech, this edition of the MANAGEMENT looks at the requirements of tomorrow’s workforce as they steer through shifting paradigms of the new millennium. The first article, “Reset Mindsets: Developing Future-Ready Leaders” (p.6), discusses how future leaders should be more attuned to change and have flexible mindsets to be able to navigate the disruptive forces shaping our future. Our feature article (Tomorrow’s Professionals: Generation Z in Malaysia, p.13), identifies the work attitudes and aspirations of Generation Z, and how they can be the forefront of digitalisation in organisations today.

An in-depth article backed by data-analytics, “Redesigning for the Digital Economy: A Study of SMEs in Southeast Asia (p.16)”, provides insights on how SMEs in ASEAN have fared in the past several years, and what lies ahead for industry growth in today’s competitive environment. This article will be continued in our next edition, so look out for the conclusion in Vol 54. No.3 expected in December 2019.

Keeping with the theme of change, we have also included new segments to our publication. The MANAGEMENT now includes a special section titled ‘Off the Book Shelf’ (p.50), a membership privilege offering exclusive discounts on books to excite the inner bookworm in you. Through our partnership with MPH Distributors, members are now able to purchase the listed books at a 30% discount of the retail price.

Another new segment to keep a look out for is ‘A Page in History’ (p.25), which features articles from previous MIM newsletters. It is a sneak peek into MIM’s 5 decades of history in publications, sharing management and leadership information from the 1970s all the way to the 1990s, some of which are still relevant today.

Although naysayers may believe change to be cumbersome, I say, let’s seize the opportunity and continue to be agile, preparing ourselves with the right tools for the anticipated future.

Sivanganam Rajaretnan

Chief Executive Officer

Malaysian Institute of Management

In accordance to date of admission

HONORARY FELLOWSYM Royal Professor Ungku Abdul Aziz Ungku Abdul HamidYAB Tun Dr. Mahathir MohamadYB Dato’ Seri Anwar IbrahimYABhg. Tun Abdullah Ahmad BadawiYB Dato’ Sri Mohd Najib Tun Abdul Razak

COURT OF EMERITUS FELLOWS

PresidentYABhg. Tun Haji Mohammed Hanif Omar

Vice PresidentYBhg. Dato’ Ng Tieh Chuan

YBhg. Datuk Dr. Paddy BowieYM Tunku Tan Sri Dato’ Seri Ahmad Tunku YahayaYBhg. Tan Sri Dato’ Azman HashimIr. George Lee Yau LungDr. Tarcisius Chin Nyet LeongMr. Robert Kuok Hock NienT.Y.T. Tun Pehin Sri (Dr) Haji Abdul Taib MahmudProf. Liew Shou KongYBM Tan Sri Tengku Razaleigh Tengku Mohamad HamzahThe Honourable Chief Justice (Rtd.) Yong Pung HowYBhg. Prof. Tan Sri Dato’ Dr. Mohd Rashdan Haji BabaYBhg. Tan Sri Kamarul Ariffin Mohamed YassinYBhg. Tan Sri Osman S. CassimYBhg. Tan Sri Dato’ Sri (Dr) Sallehuddin MohamedYBhg. Tan Sri Wan Azmi Wan HamzahYBhg. Tan Sri Kishu TirathraiYBhg. Tan Sri Dato’ (Dr) Abdul Aziz Abdul RahmanYBhg. Tan Sri Dato’ (Dr) R V NavaratnamMr. Niels John Madsen R, R1YBhg. Datuk Haji Mohd Saufi Haji AbdullahYABhg. Tun Dr. Ahmad Sarji Abdul HamidYABhg. Tun Musa HitamYBhg. Tan Sri Dato’ Sri Dr. Teh Hong PiowYBhg. Tan Sri Dato’ Dr. Lin See YanYBhg. Gen (Rtd.) Tan Sri Dato’ Seri Mohd Zahidi Haji ZainuddinYAM Tunku Tan Sri Imran Almarhum Tuanku Ja’afarYBhg. Tan Sri Dato’ Dr. Mohamed Munir Abdul MajidYBhg. Tan Sri Dato’ Sri Mohd Hassan MaricanYBhg. Tan Sri Dato’ Sri Tay Ah LekYBhg. Datuk Seri Haji Mohamed Iqbal RawtherYBhg. Tan Sri Datuk Yong Poh KonYBhg. Prof Datuk Seri Dr Haji Khairil Annas JusohYBhg. Tan Sri Dr. Ali HamsaYBhg. Tan Sri Dato’ Seri Siti Norma YaakobYBhg. Tan Sri Lim Kok ThayYBhg. Tan Sri Dr. Jeffrey Cheah Fook LingYBhg. Tan Sri Dato’ Seri Megat Najmuddin Megat KhasYBhg. Tan Sri Dato’ Lim Wee ChaiYBhg. Datuk Prakash Chandran

GENERAL COUNCILChairmanYBhg. Tan Sri Dato’ Seri Megat Najmuddin Megat Khas

Vice ChairmanPuan Rahima Beevi binti Mohamed Ibrahim

Representing Court of Emeritus FellowsYBhg. Dato’ Ng Tieh ChuanYBhg. Tan Sri Dato’ (Dr.) R. V. NavaratnamYBhg. Tan Sri Dato’ Seri Megat Najmuddin Megat Khas

Representing Corporate MembersPuan Rahima Beevi binti Mohamed IbrahimYBhg. Datin Dr. Hasnorliza Abu Hassan Mr. Thiagarajan a/l S. Rengasamy

Representing FellowsMr. Ong Weng Leong

Representing Associate FellowsMr. Azlan bin Abdullah

Representing Ordinary MembersMr. Rama Krishnan a/l ThiruyangadamMr. Selvaraja MuthayaMr. Sugumaran a/l VairavappillaiMr. Lim Eng Weng

Representing Associate MembersPuan Rosmawati binti Mohd Ali

CEO's Message

Reset Mindsets: Developing Future-Ready LeadersBy Korn Ferry, Nick Avery

LinkedIn released a list of the skills organisations will need most in 2019. Four of the top five had a distinctly digital flavour: cloud computing, AI, analytical reasoning and UX development. And that’s for all organisations, not just tech companies.

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M aybe today that list doesn’t seem surprising, but just a few years back it would

have been almost unimaginable. It’s one tiny example of the enormous challenge all organisations face: how do you prepare for the future when you have no idea what’s coming?

Navigating the disruptive forces shaping the future of work requires a new kind of future-ready leader: The Self-Disruptive Leader. Korn Ferry’s latest research reveals this leader to be someone who can reinvent themselves over and over, who continuously adapts to the changing environment and responds appropriately.

We can list the behaviours and qualities of these leaders, but what really differentiates them is much more fundamental: they’re intrinsically attuned to change, powered by flexible mindsets of the highest order. Organisations need more of these leaders now, but traditional leadership programs aren’t delivering them. Things need to change.

Mindset Over MatterWhen we talk about mindset, we’re really referring to the set of general attitudes that shape the way we think about things and how we make sense of the world. They’re set deep within us, drawing on our core beliefs, but showing themselves in our behaviours as we navigate the real world.

For Self-Disruptive Leaders, their mindsets are their super power. They enable them to keep pace with the rapidly transforming environments that threaten slower-moving peers. Other leaders – in fact the majority (85%) of leaders, based on our research – are paralysed by the kryptonite-like effects of yesterday’s mindsets.

To become future-ready, these leaders must rise above their existing frame to access the same flexible mindsets of their self-disrupting colleagues. While it’s a big gap to close, it can be done. Where it was once thought that cognitive development plateaued in adulthood, we now know that we can push our minds in new and different directions. But it won’t be done through traditional leadership development approaches.

New Mindsets, New ApproachTrue self-disruptors are hard to find and organisations can’t rely on bringing them in from outside. The gap needs to be closed from within.

Traditional leadership development has focused on skills and behaviours, but this won’t be enough. This isn’t to say that skills and behaviours aren’t important, they most certainly are. But by shifting mindsets, leaders can expand the ways in which they can deploy their behaviours and skills. To do more, they have to be more.

Organisations need to revolutionise how they develop leaders to close this leadership gap. This can only be done by embracing a culture that empowers everyone to challenge their own thinking and disrupt themselves. Development can no longer be top-down but must cultivate self-disruptive behaviour at all levels.

This can only be done by embracing a culture that empowers everyone to challenge their own thinking and disrupt themselves.

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Start the RevolutionCalling this a leadership development revolution is a big call, but we believe it’s warranted. To make change this big, organisations need to start with the right fundamentals:

1. Slow down to accelerate: speed is given great privilege in today’s market, but embedding a new leadership paradigm won’t happen overnight. Instead take Kevin Cashman’s advice and pause first. Mindsets will only shift through thoughtful and intentional work, so take the time to reset.

2. Put self-awareness at the centre: closing the leadership gap will require individuals, backed by the organisation, to make an intense investment in transforming the self. This can only be done through self-awareness, so build the feedback culture to support this work.

3. Commit to mindset ahead of capability: investing in capability building – especially in the digital space – can feel like a quick win. And it will be just that. To develop Self-Disruptive Leaders requires playing the long game. It

means working to create experiences that challenge beliefs and assumptions. It can be uncomfortable, but it can also unleash new levels of energy and optimism – new mindsets – to take on the future.

Learn more about the mindset of future-ready leaders, read The Self-Disruptive Leader and get ready to revolutionise your leadership development.

About ContributorNick Avery is a leadership and team effectiveness specialist with more than 20 years experience in senior Human Capital and Consulting roles across Asia Pacific. He is head of Korn Ferry's Leadership Development practice for Australia and New Zealand. Nick advises Boards, CEOs and senior executives across a range of industries for improved performance through leadership & succession capability.

For Article Submission-Advertisements-Subscriptions, please email us: [email protected]

F U N D A M E N T A L S

O F L E A D E R S H I P

D E V E L O P M E N T

Put self-awareness at the centre

Slow down to accelerate

Commit to mindset ahead of capability

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Shifting Paradigms in the Digital Age

By Flip Ruby, Zalora Philippines & Entrego Fulfillment Services Inc.

In this article, Flip Ruby, Group Head and Director, Human Resources & Corporate Services, Zalora Philippines & Entrego Fulfillment Services Inc., shares his thoughts to building a successful online business enterprise. He talks about hiring Gen Z into

the workforce and their different intrinsic nature where they are determined to join organisations that care about their well-being, as well as that of the community – values that resonate with their own and what employers need to do to attract this

new wave of talent.


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begin developing corporate programmes that are strategic, consistent and coordinated to align with the goals and values of this new talent pool. Only then will they be able to attract the best talent.

At Zalora, we endeavour to create a culture that is agile and young, collaborative and fun, and versatile across various markets. We hire and retain the best people and strive to get the right people on board; it is not easy and it may take a long time, but it is something that we deem necessary, especially in the start-up world. At Zalora Philippines, we are an average age of 29, with a senior leadership age of 35. We know our market, because we are our market!

Our Group CEO, Patrick Schmidt, in one of his speeches highlighted his vision for the company. He defined four key elements that will help us be successful:

• Hiring the right people is the key to success; getting those who do not fit the organisation off the bus is just as important.

I still vividly remember the day when I spent almost an hour meticulously running through my closet, selecting a shirt that would go well with

my black suit. I finally decided to go with a slightly light shade of red paired with a black tie and did one final check in the mirror to ensure that the overall image looked pristine.

I walked down the stairs, got into my car and began playing make believe – imagining the interview and rehearsing my answers to the questions I expected to be asked. It was my third and final interview and I was constantly reminding myself to ‘stand out among the rest and impress’.

As I reached the company I wanted to work for, I entered a room full of probably ten other candidates surrounded by stacks of papers and people walking back and forth escorting the candidates into their final ‘this-is-it-my-make-it-or-break-it’ chance. I had mixed feelings of anxiety and excitement all at the same time.

The more I reminisce, the more I cannot fathom that this was just eight years ago. As I finally moved up the corporate ladder, and now on the other side of the interview panel, I am the one conducting interviews and becoming the gateway to people entering Zalora. Yet in that span of just eight years, so much has changed with the way we conduct interviews, simply because technology has evolved drastically. We have evolved from having the control and upper-hand in the selection process, to having the challenge of positioning our companies to impress potential candidates.

According to research by parkcom.co.uk1, by 2020 35% of the workforce would comprise millennials and another 24% would be Gen Z. Gen Z – those born after 1996, are about to enter the workforce in a big way, and gain entry into the digital work age. These digital natives have a different intrinsic nature. They prioritise social responsibility in their own lives and are determined to join organisations that care about their well-being, as well as that of the community. By combining employee expectations and corporate social responsibility (CSR) best practices, employers must

By 2020

35%of the workforce would comprise

millennialsand another

24%would be Gen Z


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• Hire a diverse and right mix of people to build a strong team.

• There is no limit to investing in technology. To build a large business like Global Fashion Group2 with US$2 billion in sales, we need high-end technology or we will set ourselves up for failure.

• Stay humble always. The more successful we become the more thankful we should be... and the more we should give back to society.

We believe employee happiness translates into great service to our customers. We ensure that Zalora’s customer support is always available to address customers’ concerns. We adjust our business model to cater to our clientele by offering the best logistics services and multiple payment methods including cash-on-delivery and a 30-day return policy.

ZALORA CaresZalora’s culture is defined by its employees’ sense of ownership which is an entrepreneurial spirit we have been able to preserve. Another thing that heavily defines our culture is a Filipino term – malasakit or a sense of deep,

deep care, a Filipino trait that inherently makes us who we are. For Zalorians, we care about each other and we care about the wellbeing of our community. The added value of being part of an organisation that gives back to its community adds to a sense of fulfillment and goes beyond the confines of duties and responsibilities but geared ultimately to a larger cause.

For example, this year Zalora launched its Zalora Cares Advocacy. It is a series of different activities ranging from company talks and engagement activities to CSR efforts. Our CSR efforts include volunteering to paint public school classrooms and donating clothes. Participating in these events not only gives an opportunity for employer branding, but also gives employees the freedom to exercise their innate calling of malasakit.

ZALORA Cares @ Brigada Eskwela3

Zalora partnered with Ayala Foundation Inc. (AFI) and took part in Brigada Eskwela (working together for schools) last May with employees who volunteered to clean, repair, repaint and

2Global Fashion Group (GFG) is an online fashion destination for high growth markets and includes fully-owned regional businesses – Dafiti (Latin America), Lamoda (Russia & CIS), Zalora (South East Asia) and THE ICONIC (Australia and New Zealand), as well as minority-owned Namshi (Middle East). https://global-fashion-group.com/3Brigada Eskwela or the National Schools Maintenance Week is a nationwide initiative by the Department of Education (DepEd) that mobilises thousands of parents, alumni, civic groups, local businesses, non-government organisations, teachers, students, and individuals who volunteer their time and skills to do repairs, maintenance work, and clean-up of public elementary and secondary schools. This nationwide caravan is held simultaneously across the country’s 16 regions. https://smart.com.ph/About/learnsmart/about-us/campaigns-supported/brigada-eskwela

4 E L E M E N T S

T O B E S U C C E S S F U L

Hiring the right people is the key to success

Hire a diverse and right mix of people to

build a strong team

No limit to investing in technology

Stay humble always and give back to society


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Directors and to bridge the gap between senior management and the team.

If you combine ownership of what the employees do in their day-to-day jobs, emotional connection and a deep sense of care for the company – then you will have a pretty exciting platform to run your business. And this is what Zalora has grown to be after more than six years of being in the people business.

At the end of the day, the workplace has evolved into a very different environment where we look inwards to attract people that will assimilate in our culture and we attract new talent through our corporate social responsibility efforts. Being in the business of people boils down to having a positive work culture. HR at Zalora is in a unique position to observe how the business is run and to provide line managers with feedback on how their behaviours have an impact on employees and the work culture.

Flip RubyFlip Ruby is Group Head and Director, Human Resources & Corporate Services, Zalora Philippines & Entrego Fulfillment Services Inc.

For Article Submission-Advertisements-Subscriptions, please email us: [email protected] This article first appeared in Asian Link Issue 31.

decorate the classrooms atSanto Tomas Elementary School in Calauan, Laguna, in preparation for new classes in June. Zalora has also partnered with different organisations for their various campaigns such as: HOPE, Red Whistle, Solenn x HOPE, #GivingTuesdayPH and #FreeLove.

ZALORA Cares @ ThreadsWe also endeavour to reduce carbon footprint by giving our customers an opportunity to trade their old clothes to be recycled for discount codes. The average person allows most of their clothing to go unused. So rather than toss your items, trade them in for discounts at the retailers you love. Zalora has recently teamed up with Threads in order to reward people for their clothing donations. For every transaction, customers will receive a voucher for the next Zalora purchase. It is an easy way to refresh your closet without adding to landfills.

ZALORA Cares @ Earth HourTen years after its beginning as a switch-off event in Sydney 2007, World Wildlife Fund’s (WWF) Earth Hour has grown into the biggest environmental movement in the world. Over 7,000 cities and 180 countries participate, with homes, businesses and famous landmarks going dark for one hour every March.

Another attraction strategy that we employ is our commitment to growth in skills and exposure of our people. Our office is designed to encourage collaboration where we have created open spaces which have discussion settings in almost every nook and corner. We ensure that Zalora employees feel valued and recognised through multiple channels including dynamic group sessions so each employee understands how he or she contributes to the bigger picture. We use the Chikka text messenger (or chit-chat) to communicate with our Managing

We believe employee happiness translates into great service to our customers. We ensure that Zalora’s customer support is always available to address customers’ concerns.


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Tomorrow's Professionals Generation Z in Malaysia

By Kee Gek Choo, Asian Institute of Finance (AIF)

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1Department of Statistics Malaysia (DOSM), Mid-year population estimates based on 2010 Population and Housing Census of Malaysia, 2017.

Willing to Get on, Get AlongThey are cooperative, capable of working well with others, highly adaptable and confident of dealing with change. Not surprisingly, they have a natural affinity with digital technologies.

Knocking on the Corporate Door

M eet Generation Z, the true revolutionaries of the digital revolution who are about to enter Malaysia's workforce. They number

two billion globally, more than a quarter of the world population. There are 9 million of them in Malaysia, nearly a third of the national population1. Born shortly after the mid-1990s, they have known life only in a digitally enabled environment. Most of them are still students, with the oldest on the verge of graduating. As the first true natives of the digital era, they are going to redefine the work culture and workplace of the future.

Who are these young people? How much do we really know about them as future professionals? Much has been written about their preferences, activities, consumption patterns and social media habits as potential consumers. Yet, little is known about their capabilities, professional dreams, career expectations and outlook towards a working life.

Will they frustrate their future employers with their ‘addiction’ to digital technology or will they be a breath of fresh air to the corporate world looking for people just like them to help its transition to the digital age?

A recent AIF study, the first of its kind in Malaysia, answers some of the questions. Here are some of the key findings from this study.

A Tolerant, Patient GenerationMembers of Generation Z are open-minded, curious, caring and considerate. They have a strong sense of independence and avoid imposing themselves on others. They embrace challenges and are willing to sacrifice immediate pleasures for greater future rewards.

They value higher education, with more than half aiming to get a post-graduate degree and nearly 30% planning to obtain doctoral qualifications. Their parents’ academic background has little bearing on their academic ambitions (Figure 1).

Father

GEN Z

Mother

Figure 1: Contrasting academic aspirations/background

10%

46%

53%

Up to STPM/A Levels Diploma

PhDMaster's Don't know

Bachelor's

13%

12%

11%

8%

3%

2%

10%

7%

17%

18%

11% 23% 27% 29%

They are cooperative, capable of working well with others, highly adaptable and confident of dealing with change. Not surprisingly, they have a natural affinity with digital technologies.

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Singapore 57%

Australia 56%

UK 48%

USA 33%

New Zealand 33%

However, their desire to get along with others may cause them to stumble in matters of ethics and principles at the workplace if these are not clearly defined and upheld.

For the same reason, they are less confident of leading and managing conflicts. They are also unsure of their communication, multitasking and time management skills.

With a Spirit of Adventure Their appetite for adventure, motivated by their yearning for new and challenging experiences, is likely to shape their careers and professional choices.

Embarking on a business venture alone or with family members or friends, or pursuing employment overseas, rank high on the professional agenda for most individuals of this generation.

They consider Singapore and Australia as the top choices to realise their overseas professional aspirations (Figure 2). They appreciate non-routine work that challenges them, offers new learning and helps them develop professionally.

A Heads-Up for Employers Generation Z will comprise more qualified people with a natural flair for digital technologies. Their notions of work and the workplace will be quite different from those of their older counterparts.

Malaysian employers need to look at their prevailing work culture and workplace relationships to accommodate them. They have to find new ways to fit these people into a job market getting rapidly reshaped by increasing automation and artificial intelligence. They have to adapt themselves to the digital lives of this generation.

Employers need to rethink their approaches to attracting and retaining this upcoming talent pool which promises to disrupt entrenched ideas of work and the workplace.

Industries at the forefront of digitalisation could be called upon to lead the way.

This study draws upon insights gained from a comprehensive online survey and a series of in-depth interviews with Malaysian youth aged 16 to 21 years.


Figure 2: Top 5 overseas markets

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By Julia Chong, Akasaa

O ver the past decade, there has been a concerted push by banks to channel customers into adopting digital banking

platforms.From online opening of retail bank accounts to

real-time e-Know Your Client (e-KYC) checks, the push for technology-driven solutions to replace manual processes is, as one CEO said, “a no-brainer”. It minimises costs, ups efficiencies and appeals to the next generation of consumers – digital natives comprising Gen-Xers and Millennials.

However, few realise that digital-first strategies are a double-edged sword.

Recent studies show that financial institutions (FIs) with robust digital offerings do indeed benefit from lower branch/operational costs and enhanced efficiencies. But the failure of banks to fully integrate or properly leverage on such technologies result in a backlash – high attrition rates, unprofitable accounts and a lot of dissatisfied customers. Indeed, a fully digital footprint and total elimination of physical branches are far from practical as today’s consumers still require varying degrees of hand-holding.

According to global research firm Aite Group, 5%-15% of new customer applications are abandoned before onboarding is complete.

American market research firm J.D. Power reports in its 2018 U.S. Retail Banking Satisfaction Study that digital-only retail bank customers are the least satisfied among all customer segments.

It is obvious that some digital users feel that they have been let down.

Digital services at banks are no longer benchmarked against other banks. Instead, in the minds of digital natives and tech-savvy corporates, opening a bank account online is benchmarked against opening an Amazon or Spotify account and should be as simple, quick and seamless. For most banks, this is far from reality.

A model to look to, however, is DBS Bank’s transition to a digital bank through its very first mobile-only bank in India, Digibank.

Innovative Onboarding Doing Digital Right

The low-down on revamping banks’ onboarding architecture to deepen the banker-customer relationship.

According to Aite Group,

5%-15%of new customer applications are

abandonedbefore onboarding is complete

?!

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In one of the most successful cases of innovation and process re-engineering, the Singapore-based bank’s digital onboarding has rolled out a host of new technologies in India, some as a result of hackathons as well as internal re-engineering:

• Customers can open a deposit account, or eWallet, online within 90 seconds.

• Digibank account opening can also be done digitally or at over 500 cafes across India in a pure paperless process.

• E-KYC checks are performed through India’s Aadhaar card, a biometrics database containing verification data for over 1 billion Indian citizens.

• is also one of the earliest banks to enable biometric login using fingerprint identification, doing away with user identification and passwords for login.

However, a gap in the customer experience is Digibank’s Internet banking function, launched years behind its peers in 2018. DBS India CEO Surojit Shome attributed this to the bank’s mobile-only strategy, which viewed online banking as a “fallback activity” for customers in the event their mobile devices were lost or damaged.

Indeed, gaps in the customer journey are common and affect banks of all sizes.

In a recent webinar, Christine Barry, Senior Research Director at Aite, said she knew of a Top 4 US bank whose Treasury had recently lost a client to a

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smaller bank due to their digital onboarding process.

“Unfortunately, onboarding challenges go across the board. No bank regardless of size is immune to it. Very often we think of the largest banks as having the most significant IT budgets and advanced technologies.

“But I recently spoke with a corporate treasurer that needed more enhanced foreign exchange capabilities. Their primary bank was actually a Top 4 bank in the US, and the onboarding process was so long and inefficient that they ended up going to another bank that was able to deliver the capabilities they needed at a faster rate. It ended up being a smaller bank, but that’s just to show that even the large banks with deep pockets have the same challenges.”

Getting to a Journey MindsetSuch incidents prove that an effective customer-centric onboarding strategy is crucial. It is one of the easiest ways to grow the balance sheet and counter negative first impressions.

But deployment of these tools will not deliver big scale results if there is no concerted effort to map and redefine the customer experience.

Recent studies show that financial institutions (FIs)

with robust digital offerings do indeed benefit from lower

branch/operational costs and enhanced efficiencies.

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For instance, a customer submits her statutory documents to open a trading account with Bank A, whose relationship manager then forwards as a lead to another department, say insurance, for cross-selling. The insurance division makes the sales call, and the customer instructs the bank to proceed. But rather than closing the deal over the phone, the insurance division requests for a fresh submission of documents – documents that were already submitted by the customer for approval of her trading account. The customer postpones the submission, and this results in lost revenue for Bank A.

In this case, the lack of ability to re-use data and documentation during cross-selling results in an opportunity foregone. Had Bank A mapped its client’s user experience (UX), it would have identified the overlap in digital onboarding processes and developed a standard operating procedure for agents to complete the process with the path of least friction and avoid the customer dropping out. For instance, the insurance officer above should have proceeded to verify the client’s identity online as all required documents for subscription were already in the bank’s safekeeping.

Customer satisfaction is fast becoming the prime differentiator in a highly competitive industry. After all, costs can only go so low, and less satisfied customers are also less likely to purchase the full range of banking products.

Enter UX. Today, it is regarded as a methodical science that seeks to quantify the experience of consumers interacting with your product. Aside from mapping the entire customer experience for each key segment by building ‘profiles’ for each demographic, it emphasises measured metrics such as abandonment and attrition rates, click-throughs and clicks to completion, success rate and time to completion of a task.

It is crucial in what Boston Consulting Group calls achieving a ‘journey mindset’, a measurable goal if FIs follow the four steps below, summarised from its publication titled How Digitised Customer Journeys Can Help Banks Win Hearts, Minds, and Profits:

• Adopt customer-centric design practices. Obtaining a deep understanding of banking customers’ wants and aspirations goes beyond buying histories, demographic data, and segmentation analyses. It takes observing customers in their contextual environments. Ethnographic research—where teams study customers at home, in the store, at the office, while commuting, and so on—reveals customers’ needs, wants, and preferences and clarifies not only what makes them tick but also what ticks them off.

• Redesign processes from end to end. Think outside existing norms and gain inspiration from practices in adjacent

T E C H N O L O G I E S A U T O M A T I N G

O N B O A R D I N G F U N C T I O N S

Paper digitalisation

Electronic data capture

KYC and other typer of authentication

Digital signature capture

Compliance

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sectors and breakthrough technologies. Once the aspiration is defined, cross-functional teams use agile development techniques to pull together a minimum viable product which is then deployed into the field to refine, iterate, and rerelease it in rapid, successive cycles until the journey elements meet predefined customer thresholds. Back office functionality is designed concurrently so that the completed journey is capable of delivering a full end-to-end experience. Operations and servicing components must also be redesigned to align organisational structures and underlying business rules. Often, this type of end-to-end process redesign allows financial services institutions to generate new functionality in weeks instead of months.

• Apply digitisation, machine learning and robotic process automation. Cognitive tools capable of ingesting vast quantities of data and performing sophisticated analyses in near real-time allow financial institutions to create more responsive journeys and to employ highly accurate and predictive insights to inform customer interactions. In banking settings, such tools are transforming the quality of interactions that are as varied as call centre support, credit scoring, and wealth management advice. Many of these tools are designed to

execute predefined actions based on highly refined reasoning capabilities and because the tools are capable of learning, the more they are used, the more accurate the decisions and insights generated.

• Transcend organisational silos. Designing and building end-to-end customer journeys requires collaboration across business, technology, and operations functions. Different reporting hierarchies in cross-functional teams, as well as rapid and agile reimagination waves, may require new skill sets, talent, performance incentives, and metrics, all of which can diverge markedly from traditional ways of working. To support this collaboration and to scale innovations across the enterprise, FIs can rely on a variety of sources, including centres of excellence, innovation labs, venture funds, activist programme management offices, and strong senior management support.

Mind the Regulatory GapMapping a digital architecture is a sophisticated undertaking. Although regulations in this realm are not explicit in how banks should digitally onboard clients, the intersection where new tech meets compliance is critical as failure to comply has genuine consequences…but so does exasperating a valued customer.

H O W D I G I T I S E D C U S T O M E R

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Adopt customer-centric design practices

Redesign processes from end to end

Apply digitisation, machine learning and robotic process automation

Transcend organisational

silos

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Logic dictates that if the client to be onboarded is an existing client with another part of the bank, then the documents required for regulatory purposes already exist. But how does the relationship manager achieve a single client view?

Some market experts estimate that up to 80% of the data and documentation needed for compliance with recent regulations like the Foreign Account Tax Compliance Act or over-the-counter derivative rules like the Markets in Financial Instruments Directive II, are already captured under existing standard anti-money laundering and KYC checks. Hence, it is possible that FIs need only win over the remaining 20% to comply.

For this, institutions are shifting away from the concept of client onboarding towards a client lifecycle management approach where tracking,

monitoring and continuous compliance is the end goal. For this to happen, the tech platform into which data is fed must be capable of responding to new data and determining if it is material enough to trigger a breach.

Is it any wonder that one of the most lucrative markets in the banking ecosystem is for third-parties providing Compliance-as-a-Solution offerings?

Realistic BaselineEven in small-medium enterprise onboarding, considered less complicated than corporate, there is much room for improvement. Thus, best-in-class innovation should be seen as a moving target, not a static goal.

Deluxe Financial Services, a subsidiary of NYSE-listed Deluxe Corporation, advocates banks aim for a 35% acceleration of revenue and 40% efficiency gains

through the implementation of innovative onboarding programmes.

Joe Pitzo, its Senior Manager for Product Management, in a recent webinar advised corporates to apply these four simple questions to guide them toward best processing practices:

• What systems are users interacting with to onboard your customers?

• Are all of the steps in your existing onboarding processes required?

• Are there opportunities to re-engineer existing processes?

• Are there opportunities to reuse data or applications that could shorten the deployment times for automating onboarding?

In an age when every bank is ‘doing digital’, ask yourself: “Am I doing digital right?”

Julia ChongJulia Chong is a Singapore-based writer with Akasaa. She specialises in compliance and risk management issues in finance.

This article originally appeared in AICB's Banking Insight publication.


Although regulations in this realm are not explicit in how banks should digitally onboard clients, the intersection where new tech meets compliance is critical as failure to comply has genuine consequences…but so does exasperating a valued customer.

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Simon Johnson and Jonathan Ruane, both professors at MIT, say that the multitude of narrow AI applications that could affect jobs in sectors such as health care, education

and construction will take much longer to spread. In fact, this may come just in time – an ageing population in developed economies implies a smaller workforce – and

greater need for personal care services – in the coming decades.

By Simon Johnson, Jonathan Ruane, MIT

Jobs in the Age of Artificial Intelligence


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A pocalyptic fiction writers may one day be proved correct: we should not underestimate humans’ abilities to inflict damage on their

community, their environment, and even the entire planet. But, for now, we have a powerful new tool for enabling all people to live better lives.

The world has no shortage of pressing issues. There are 1.6 billion people living in acute poverty; an estimated 780 million adults are illiterate. Serious problems are not confined to the developing world: ‘deaths of despair’, for example, are raising mortality among white males in the United States. Even when advanced economies grow, they are not lifting all boats. Higher-income groups thrive while lower-income households and minority groups are consistently left behind.

And now some analysts suggest that new forms of computer programming will compound these developments, as algorithms, robots and self-driving cars destroy middle-class jobs and worsen inequality. Even the summary term for this technology, Artificial Intelligence (AI), sounds ominous. The human brain may be the ‘most complex object in the known universe’, but, as a species, we are not always collectively very smart. Best-selling science fiction writers have long predicted that we will one day invent the machines that destroy us.

The technology needed to create this dystopian future is not even on the horizon. But recent breakthroughs in AI-related technologies do offer enormous potential for positive advances in a range of applications from transportation to education and drug discovery. Used wisely, this boost in our computational abilities can help the planet and some of its most vulnerable citizens.

We can now find new patterns that are not readily evident to the human observer – and this already suggests ways to lower energy consumption and carbon dioxide emissions. We can increase productivity in our factories and reduce food waste. More broadly, we can improve prediction far beyond the ability of conventional computers. Think of the myriad activities in which a one-second warning would be useful or even lifesaving.

And yet the fear remains: Will these same improvements not entail giving up all of our jobs –

or most of our good jobs? In fact, there are three reasons why the jobs apocalypse is on hold.

First, Moravec’s paradox applies. Hans Moravec and other computer scientists pointed out in the 1980s that what is simple for us is hard for even the most sophisticated AI; conversely, AI often can do easily what we regard as difficult. Most humans can walk, manipulate objects, and understand complex language from an early age, never paying much attention to the amount of computation and energy needed to perform these tasks. Smart machines can perform mathematical calculations far exceeding a human’s capabilities, but they cannot easily climb stairs, open a door and turn a valve. Or kick a soccer ball.

Second, today’s algorithms are becoming very good at pattern recognition when they are provided with large data sets – finding objects in YouTube videos or detecting credit card fraud – but they are much less effective with unusual circumstances that do not fit the usual pattern, or simply when the data are scarce or a bit ‘noisy’. To handle such cases, you need a skilled person, with his or her experience, intuition and social awareness.

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Smart machines can perform mathematical calculations far exceeding a human’s capabilities, but they cannot easily climb stairs, open a door and turn a valve. Or kick a soccer ball.

Third, the latest systems cannot explain what they have done or why they are recommending a particular course of action. In these ‘black boxes’, you cannot simply read the code to analyse what is happening or to check if there is a hidden bias. When interpretability is important – for example, in many medical applications – you need a trained human in the decision-making loop.

Of course, this is just the state of technology today – and high rates of investment may quickly change what is possible. But the nature of work will also change. Jobs today look very different from jobs 50 or even 20 years ago.

And new computer algorithms will take time to penetrate the economy fully. Data-rich sectors such as digital media and e-commerce have just begun to unleash the capabilities AI has created. The multitude of narrow AI applications that could affect jobs in sectors such as health care, education and construction

will take much longer to spread. In fact, this may come just in time – an aging population in developed economies implies a smaller workforce – and greater need for personal care services – in the coming decades.

Public policy decisions will shape the AI era. We need opportunity and competition, not the growth of powerful monopolies, in order to promote technological progress in a way that does not leave a large number of people behind. This requires improving access to all forms of education – and at low or zero cost.

With developed economies’ competitors, including China, investing heavily in AI, policymakers should be increasing support for basic research and ensuring that their countries have the physical and human resources they need to invent and manufacture everything connected with this major new general purpose technology.

We should not underestimate humans’ abilities to inflict

damage on their community, their environment, and even the entire planet. Apocalyptic fiction writers may one day be proved correct. But, for now, we have a powerful new tool for enabling all people to live better lives. We should use it wisely.

Simon JohnsonSimon Johnson is a Former Chief Economist of the IMF, Professor at MIT Sloan, Senior Fellow at the Peterson Institute for International Economics and Co-Founder of a leading economics blog, The Baseline Scenario.

Jonathan RuaneJonathan Ruane is a lecturer at MIT in the Global Economics and Management group and co-founded the Global Business of Artificial Intelligence and Robotics course at MIT’s Sloan School of Management.

Simon Johnson and Jonathan Ruane both write for Project Syndicate which produces and delivers original commentaries covering various topics to a global audience. Copyright Project Syndicate



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Analysts Offer Key Tips to Help Companies Survive Digital DisruptionBy Soumik Roy, Techwire Asia


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D ISRUPTION is inevitable as cutting-edge technologies such as the internet of things (IoT) and blockchains mature and find

mainstream applications.Surviving that disruption or falling victim to it,

however, is a choice that organizations and business leaders have to make consciously.

Companies such as Adidas and Mercedes, for example, have been around for decades and are incredibly successful at what they do — but they’ve always had a finger on the pulse of the market — so before customers began expecting digital, both companies offered essential digital services to delight customers and wow them.

Although the journey has only begun for these companies, their efforts have won them the loyalty of their customers and fans for at least a few more years.

However, we can’t say the same thing about companies such as Kodak and Blackberry.

The first is a company that was a runaway success until it decided to ignore digital cameras and the incredible convenience they offered to customers. Today, Kodak is used as an example of one of the first companies disrupted by the digital age.

Blackberry on the other hand, despite being born digital, failed to keep up with new and emerging ecosystems and solutions that offered more convenience to the same set of business users that they were once revered by.

In the past couple of years, Blackberry has been struggling to re-invent itself (although the company’s enterprise solutions division is an entirely different story altogether — and much more successful).

While Adidas and Mercedes, have survived disruption, Kodak and Blackberry seem to have failed — maybe temporarily, maybe forever — only time will tell.

However, according to a new study by Accenture, nearly three-quarters (72 percent) of industry sectors experienced an increase in disruption over the past eight years, leaving US$41 trillion in enterprise value exposed to disruption today.

The new report also challenges the misperception that disruption is sudden and short-lived, discovering that it is in fact persistent: More than four in five industries (83 percent) spent at least five years in the same period of disruption between 2011 and 2018.

“Responding to persistent disruption requires a radical departure from old, comfortable business strategies that no longer work,” said Accenture CMT Operating Group Chief Omar Abbosh.

“Successful companies avoid disruption by leaning into disruptive technologies, testing new ideas and learning how to remain close to the innovation frontier.”

What Can Businesses Do to Survive Digital Disruption?While the study primarily builds on previous research to catalog the periods of vulnerability and volatility in the enterprise world, the company’s analysts also identify a few critical steps to help businesses survive disruption in a world where we’re all accelerating to digital at an incredible pace.

Nearly three-quarters

72%industry sectors experienced an

increase in disruption over the past eight years,leaving

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The report looks into several innovative companies that are thriving despite significant disruption within their industry and finds that excelling during disruptive periods involves four key actions:

1 Creating the Next “Cutting-Edge”“Embrace new technologies to develop potentially disruptive ideas, in and outside of your current industry.”

China’s WeChat, for example, began as a messaging app. The company soon leveraged its popularity on the Chinese consumer’s mobile device to roll out other kinds of services,

including media segments, brand engagement apps (mini-programs), and even a payments system.

WeChat’s parent company Tencent, a technology company, is working on leveraging AI and cloud to not just transform communications and fintech but also medical and mobility.

The message, therefore, is that companies shouldn’t limit themselves to their specific industry vertical. If there’s an opportunity to create something, companies should go for it — especially if they want to play the disruptor rather than the disrupted in the digitally-focused marketplace.

2 Funding Future Bets“Progressively bolster and allocate your innovation investments so you can test and turn new ideas into commercial realities faster.”

Bain & Company had recently published a report on funding innovation that said that companies should not only create additional pools of funds to innovate but also look at cost transformations (not cost reductions) within the company in order to really be able to push forward with projects that bolster revenues and growth.

While plenty of examples spring to mind when you think of funding future bets, Elon Musk as an individual stands out quite distinctly with his returns from PayPal going into Tesla and then new funds going into the Boring Company. All of his investments,

Funding future bets

Finding partners to scale with

Creating the next cutting-edge

D I S R U P T I V E I N V O L V E S

4 K E Y A C T I O N S

Disrupting from the Inside

Successful companies avoid disruption by leaning into disruptive technologies, testing new ideas and learning how to remain close to the innovation frontier.


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fortunately (so far), position him as a disruptor.

3 Finding Partners to Scale with“Commit to scaling new ideas with ecosystem partners who can provide access to technologies and specialised talent.”

This is primarily visible in the banking space, in Asia and around the world. Most banks that have embraced digitalisation have done so with the help of ecosystem partners in order to provide incredible value to customers, businesses, and all stakeholders involved.

Take DBS Bank for example. It has partnered with Singapore

Airlines, Singapore Management University, and even Go-Jek to build an ecosystem that opens up doors and provides access and support to the bank that will help it weather the storm of disruption.

4 Disrupting from the Inside“Establish a specialised entity such as an ‘innovation lab’ or a ‘digital factory’ in order to bring meaningful innovation into your established business.”

Do you remember 3M? The Maplewood, Minnesota-based company is one of the oldest businesses that focused on disrupting from the inside. We’ve

all heard stories of how the double-sided tape and post-it notes were born as a result of the company encouraging employees to focus on exploring new ideas.

Several other technology companies are also known for carving out time for employees within the business to innovate — be it via regular “innovation breaks” or more structured internal “hackathons”, there’s always an opportunity for everyone in the company to ideate and innovate.

Avoiding disruption isn’t rocket science, but you do need rocket fuel in the form of funds, teams, people, and other resources to accelerate innovation and prepare for the future.

Soumik Roy Soumik Roy is a business and technology specialist. He helps small and medium enterprise owners understand what's most important to their company's growth and success.


Avoiding disruption isn’t rocket science, but you do need rocket fuel in the form of funds, teams, people, and other resources to accelerate innovation and prepare for the future.


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Everything is F*ckedAuthor: Mark MansonPublisher: Harper CollinsRP: RM79.90Special Member Price:

From the author of the international mega-bestseller The Subtle Art of Not Giving A F*ck comes a counterintuitive guide to the problems of hope.

We live in an interesting time. Materially, everything is the best it’s ever been-

we are more free, healthier and wealthier than any people in human history. Yet, somehow everything seems to be irreparably and horribly wrong—the planet is warming, governments are failing, economies are collapsing, and everyone is perpetually offended on Twitter. At this moment in history, when we have access to technology, education and communication our ancestors couldn’t even dream of, so many of us come back to an overriding feeling of hopelessness.

In Everything Is F*cked, Manson turns his gaze from the inevitable flaws within each individual self to the endless calamities taking place in the world around us. Drawing on mountains of psychological research, as well as the timeless wisdom of philosophers such as Plato and Nietzsche, he dissects religion and politics and the uncomfortable ways they have come to resemble one another. He looks at our relationships with money, entertainment and the internet, and how too much of a good thing can psychologically eat us alive. He openly defies our definitions of faith, happiness, freedom, and even of hope itself.

With his usual mix of erudition and where-the-f*ck-did-that-come-from humor, Manson takes us by the collar and challenges us to be more honest with ourselves and connected with the world in ways we probably haven’t considered before. It’s another counterintuitive romp through the pain in our hearts and the stress of our soul. One of the great modern writers has produced another book that will set the agenda for years to come.

M O R E G O O D R E A D ST H I S M O N T H M I M L O V E S

2019 Must Reads

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Sun Tzu’s Art of WarAuthor: Hor Khoo KhengPublisher: Pelanduk Publications RP: RM19.90Special Member Price:

Reputed to be the oldest and most popular military treatise of all time, Sun Tzu's Art of War has been studied by world leaders, military strategists and business executives worldwide. The success of Japanese firms is attributed to their executives' study and practice of the principles in Sun Tzu's Art of War. The brevity of the words of advice within belies their profundity and timelessness: "Know yourself, know your enemy, and victory will be certain. Know heaven, know Earth, and your victory will be complete." This book will provoke much thought and will be invaluable to those who desire success in both their lives and careers.

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Never Grow UpAuthor: Jackie ChanPublisher: Simon & Schuster UKRP: RM54.90Special Member Price:

Everyone knows Jackie Chan. Whether it’s from Rush Hour, Shanghai Noon, The Karate Kid, or Kung Fu Panda, Jackie is admired by generations of moviegoers for his acrobatic fighting style, comic timing, and mind-bending stunts. In 2016, after fifty-six years in the industry, over 200 films, and many broken bones, he received an honorary Academy Award for his lifetime achievement in film. But at 64 years-old, Jackie is just getting started.

Now, in Never Grow Up, the global superstar reflects on his early life, including his childhood years at the China Drama Academy in which he was enrolled at the age of six, his big breaks and setbacks in Hong Kong and Hollywood, his numerous brushes with death, and his life as a husband and father. Jackie has never shied away from his mistakes. Since The Young Master in 1980, Jackie’s films have ended with a bloopers reel in which he stumbles over his lines, misses his mark, or crashes to the ground in a stunt gone south. In this book, Jackie applies the same spirit of openness to his life, proving time and time again why he’s beloved the world over: he’s honest, funny, kind, brave beyond reckoning and after all this time, still young at heart.

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Fake: Fake Money, Fake Teachers, Fake AssetsRobert T. KiyosakiPublisher: Plata PublishingRP: RM84.90Special Member Price :

Robert Kiyosaki delivers insights and answers that help ordinary people, who probably haven’t had a lot of financial education to determine what’s ‘real’ and relevant to their financial lives. Every day we are bombarded with news reports and information and opinions. How do we decipher fact from fiction? How do we differentiate between truth and lies? And determine what’s real from what isn’t? Kiyosaki believes that it starts with education, financial education designed to make us smarter with our money and able to fight what’s fake and use what isn’t to secure our financial future.

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For purchase of books, drop us an email at [email protected] or call 03-7711 2888 to place your orders. Offer is only valid for purchase through MIM and is not applicable to any bookstores.


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Percetakan Nasional Malaysia Berhad (PNMB)

Percetakan Nasional Malaysia Berhad (PNMB) was established in 1888 as the ‘Government Printing Office’ in Taiping under the Perak State Government. Today, PNMB provides

comprehensive and integrated solutions incorporating latest technologies including Track and Trace Solutions, Internet of Things and various other complete systems in all our products

such as Smart Card Solutions and Security Printing. PNMB is also a licensed security printer to the Government of Malaysia with a network of 10 (ten) branches and outlets nationwide.As industries move towards digitalisation and automation, organisations are relying heavily

on machines and devices to replace manual processes. Different devices are collecting and sharing data across various platforms to create a massive network of Internet-of-Things

devices and sensors. PNMB offers a full suite of sensors, devices and software to digitise your environment and automate your processes. Combined with an integrated monitoring platform,

organisations can now achieve a data-driven operation that is more efficient.

PNMB’S FORAY INTO TECHNOLOGY

PNMB has now evolved into a technology player in digital and smart card technology

beyond General Printing. The new card line is the foundation for PNMB’s Digital and Smart technology strategy to deliver an innovative and highly secured smart card, with end-to-end card body manufacturing and card personalisation that allows PNMB to be a

leading player in the smart card industry. As an industry player in secure ID and smart

card system, we bring exceptional solutions to our customers across industries, including

government agencies and banks. Our solution is scalable and we offer full cycle of card issuance and management to enable

their card programs to be highly effective and cost efficient.

PNMB, through its experience in anti-counterfeit technology, has developed the IdentemTM Serialization, Authentication

and Traceability Platform as a cloud-based platform service technology. The technology

can be applied to both document and product authentication.

Beyond serving the industries and consumers, our technology can also help regulators and Government agencies to enhance their monitoring of regulated

products, improve enforcement efficiency and prevent loss of tax revenue to the Government caused by illicit trades.

S m a r t c a r d s o l u t i o n s I d e n t i f i c a t i o n , a u t h e n t i c a t i o na n d t r a c e a b i l i t y s o l u t i o n s

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M IM Crucial Conversations is an initiative to have bold and open conversations and discussions on current topics that will bring

about greater awareness in the New Malaysia. The second of its series for the year, the

MIM Future-Ready HR Professionals Crucial Conversation was held on August 8, 2019 at Hotel Istana Kuala Lumpur.

The series discussed what HR should do to adopt cutting edge technology in realigning organisational priorities and objectives, preparing for the ever-changing landscape of human resource management.

Human Resources Minister YB M. Kulasegaran was the keynote speaker, who shared his insights on critical competencies and capabilities of tomorrow’s HR business partners and enablers.

MIM Crucial Conversations


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“In the era of the Fourth Industrial Revolution, our world today is becoming more unpredictable and complex – full of opportunities and new challenges which businesses will have to anticipate and meet effectively in order to remain competitive.

In the era of the Fourth Industrial Revolution, our world today is becoming more unpredictable and complex – full of opportunities and new challenges which businesses will have to anticipate and meet effectively in order to remain competitive.


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“Gone are the days when businesses could stick to the ‘same old way of doing things’ that have worked for decades. Indeed, many of these methods may no longer even be relevant today.

“Previously, the focus was on the bread-and-butter aspects of HR such as recruitment, payroll, and administrative matters. Today, in addition to those core functions, HR professionals must constantly have their finger on the pulse of the market to better understand industry and technological trends.”

In addition, the Minister shared key government programmes in place to accelerate the adoption of Industry 4.0 in Malaysia. Among them are:

i. The Readiness Assessment Programme to help small and medium-sized enterprises make the leap to digitalisation; the Knowledge Research for Science and Technology Excellence to boost the sharing of resources between the private sector and academia; and the Industry Digitalisation Transformation Fund;

ii. A digital transformation blueprint dubbed the Malaysia National Policy on Industry 4.0, known as Industry4WRD; and

iii. The Domestic Investment Strategic Fund (DISF) administered by the Malaysian Investment Development Authority (MIDA), which


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supports the shift of Malaysian-owned companies in targeted industries to high value-added, high technology, knowledge-intensive and innovation-based industries.

In his closing statement, he said: “I strongly urge employers to invest more heavily in training and development, especially among your HR team.”

The keynote address was then followed by a panel discussion on HR Trends, Technologies and Strategies. The panellists were Monir Azzouzi, Vice President, People Experience and People Relations, GO-JEK


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Indonesia; and Jacey Wan, ASEAN, Digital HR & Workforce Experience Director, Accenture with moderator Imran Kunalan Abdullah, Principal Consultant – HR & Digital Talent, Cranfield School of Management.

The panellists spoke about disruptive technologies that have impacted businesses, especially

HR tech trends that would affect day-to-day operations.

They also highlighted the need for a human touch when adopting new technologies and identifying the right tools to manage disruption in future HR processes.

It was moderated by Neela Mehan, Scholar-Practitioner in

HRM and HRD, Senior Lecturer, Universiti Putra Malaysia with panellists Chinmay Sharma, Director People & Culture, Philip Morris International; Rosanna Bruzzichessi, Executive Director, People & Organisation, PwC Malaysia; and Asohan Satkunasingham, Director, Allways People.


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The discussion helped to identify cultural attributes of a smart workforce while raising the importance of developing a future-ready mindset.

The event wrapped with a session with Dr Sarjit Singh, Founder & Principal Consultant, Akal Learning Solutions PLT, who focused on emotional resilience and mindfulness, especially at the workplace.


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