Advisors@Asia is mooted after a long deliberation on whether to expand our brick & mortar business model by setting up branches across Malaysia or jumping into the bandwagon of digital transformation. Digital disruption is real, even time tested traditional business models are not spared. In September, 2019 alone, big names like Forever 21 and Thomas Cook are filing for bankruptcy. In Malaysia, Utusan Malaysia face the same fate for failing to adapt to the fast changing consumer behavior. Many brick and mortar models like retail, distribution, transportation, food and beverages and etc already feel the impact of of this new paradigm shift. Bigger corporate like banks, insurers, investment banks and stock brokers already have their own digital platforms to serve their customers. These big players can afford to invest heavily in IT to bring them to forefront. How about smaller players?
Hardworking business owners like SMEs, Insurance Agents, Property Agents, Lawyers, Accountants are unable to invest heavily in information technology like bigger corporate. It is also not their fault for failing to adopt technologies but no one is leading them. Most solutions out there are fragmented and not industry specific. You cannot buy a ‘shelf product’ and expect transformation. The word transformation means it has to change from within and not copying others. Business model that suits online retailers may not suits financial advisers, accountants, insurance agents or other type of intermediaries. It is time for this group of service providers to band together to make things happen for their Digital Future.
Internet of Things (IoT), Artificial Intelligence, Big Data and Digital Marketing have permeated into our daily lives without us knowing it. These have shape our thought process and buying behavior. We no longer log on into PCs to get product or information we required. More and more information are being pushed to us instead. Some targeted Ads are shown based on our digital footprints. Websites that were online years ago are considered archaic. Newer smart phones are the de facto standard for many users to gain access to the internet. Therefore an omni-channel marketing strategy is needed to reach out to many. Websites, Chat Bots, Phone Apps, Smart Gadgets, Embedded devices and other pervasive technologies have been used by your competitors to engage with your potential customers.
We band together people from the FSI industry, who contributed so much for the success of Advisors@Asia. These are practitioners who are working for the leading insurers, brokers, bankers, legal firms and accounting firms who shared with us the details or industry insights. Unlike other startups who are in a ‘wild goose chase’ and pitch unrealistic business models that wasted investors monies. We only invest into viable business model with digital characteristic.
It is only the beginning of a new exciting digital era. Welcome to Advisors@Asia to discover new ways to sell your product and services.