As Artificial Intelligence (AI) continues to dominate the conversation, we get curious about how tech companies of all sizes implement the technology in their products and services. This time, e27 speaks to property tech giant PropertyGuru Group about the problems that they are solving with AI.

In an email interview, Shyn Yee Ho-Strangas, Managing Director, Data and Software Solutions (DSS), PropertyGuru Group, names the impact of climate change as the pressing challenge that the company aims to focus on.

According to her, the real estate industry’s substantial contribution to greenhouse gas emissions urges property developers and homeowners to look for more sustainable ways to do things.

“At PropertyGuru Group, we are committed to using data and insights to bring transparency and decision-making across the real estate ecosystem. We have made significant investments in data science to develop products and solutions to support our customers, consumers, and partners,” explains Ho-Strangas.

“For instance, one key problem that we’re focusing on is how we can address and manage climate risk in real estate in Southeast Asia. The escalating consequences of climate change, including more intense storms, flash floods, wildfires, extreme heat, and other hazards, are significantly impacting the cities we live in. Using a large set of data parameters, we have developed a risk score that assesses the relative risk of homes. Equipped with this risk score, homeowners, buyers, insurers, and banks are able to make better decisions on the financing and safeguarding of their assets.”

Also Read: Innovations in prosthetics, custom parts, property construction: Startups that hit the headlines this week

To find out more about how PropertyGuru is solving this problem, check out the edited excerpt of our interview below.

Take us through your AI-based solution to solving this sustainability problem.

Our market intelligence platform – DataSense – is a cloud-based software that allows users to access real estate data and actionable insights mined from vast amounts of proprietary and third-party data. We have invested heavily in cleaning and restructuring data and applying data science capabilities in developing useful trends, indices, and models to facilitate better decision-making.

Today, the availability of clean, useful real estate data is very limited, and ownership of data is highly fragmented. Our mission is to make high-quality real estate data and insights more accessible to improve the quality of decision-making. Our platform allows users to answer many questions and address multiple use cases – be it land selection and project pricing for developers, mortgage portfolio re-evaluation for banks, rental yield benchmarking for asset owners or competitive analysis for commercial assets such as malls.

The real estate lifecycle is a complex one and involves various factors and conditions that developers, for instance, need to consider. Specific to sustainability, one major hurdle that developers often face is budgetary pressures to justify costs associated with ESG initiatives, particularly if a sizeable upfront capital outlay is needed. The data and insights we provide allow developers to size their risks alongside customer demand more confidently. One way to address the budgetary pressures is for developers to bundle sustainable features with attributes preferred by consumers.

By aligning these attributes with emerging trends in consumer demand, developers can boost the perceived value and marketability of green initiatives. This not only tackles the challenge of cost justification but also encourages broader adoption of sustainable practices among property seekers.

Also Read: Ecosystem Roundup: PropertyGuru to shutter Rumah.com; Is ChatGPT boom over?

In real estate, AI can be a game changer for various aspects beyond sustainability. With PropertyGuru’s integration of AI, we can analyse vast amounts of demographic information, encompassing age distribution, income levels, and lifestyle preferences within specific regions. This comprehensive understanding of the local population empowers city planners and policymakers to make informed decisions, for example, about the demand for senior living facilities and services.

Is there any specific challenges in developing and promoting this technology?

Our use of AI involves the analysis of extensive amounts of data. While this data is crucial for enhancing user experiences and providing valuable insights to our customers, we are also very mindful of data privacy.

Part of digitalising the real estate industry means increasing reliance on data while very carefully watching out and protecting ourselves from nefarious actors looking to obtain personal or sensitive information.

A myriad of sensitive personal information can be found in real estate transactions – from financial data, government-issued identification numbers, insurance information, and passwords – we have to be particularly careful with how we manage and secure our data. To top it up, cloud-based solutions have become increasingly popular for convenience and accessibility, but this also makes data a few clicks away from bad actors if not protected adequately.

At PropertyGuru, data security is driven by design. We are committed to achieving and maintaining the trust of our customers, and integral to this mission is providing a robust security and privacy program that carefully considers data protection matters across our suite of products, solutions, and services. With more than hundreds of enterprise customers using our solutions across Southeast Asia, we follow the best industry best practices on data security and comply with information security guidelines from PDPA in Singapore, along with other local regulations where we operate, and are GDPR ready.

Also Read: Thai property developer MQDC unveils ‘metta-verse’ to bridge the real and virtual worlds

Our server is hosted on a world-class platform with limited ports, and access is available only to very limited and controlled users. Beyond hardware measures, there is also a robust Threat Management and Incident response plan to respond quickly and pre-emptively to security incidents should they happen.

What are other areas of AI that you would like to explore? As AI becomes increasingly popular, do you find that the trend helps your work in any way? Is there any opportunity that you are seizing?

PropertyGuru has been experimenting with Generative AI for over a year as a way to both make our internal operations more efficient and bring greater value to our agent partners. This is part of our commitment to stay at the forefront of tech advancements and deliver the best possible solutions to our customers.

We’re using Generative AI and machine learning to bolster our market-leading products and make our operations more efficient. For instance, in June, we launched GuruPicks, a personalised feed of property listings based on machine learning algorithms. GuruPicks offers opportunities to match a person’s budget, property type, and location to show personalised and recent listings.

For property agents in Singapore, we recently introduced Lead Management to help subscribers manage their leads by using a single inbox for all email, phone, SMS, and WhatsApp contacts while also adding a heat index and insights on lead preferences.

This is in addition to us launching a revamp of our New Homes discovery page in Singapore and Malaysia, increasing the coverage of new properties and better organising the customer experience to make it easier to find ones under development.

Also Read: AI-driven property portal MOGUL.sg nets US$6.5M Series A

Generative AI is increasingly helping us operate more efficiently and effectively in product development and code quality. We have been experimenting with the auto-creation of listing descriptions that benefit agent efficiency, as well as AI image moderation, to continue to improve listing quality.

PropertyGuru has a 15-year legacy of innovation that has powered us to become Southeast Asia’s prop-tech leader – we continue to deepen investments in AI and machine learning for our data and software solutions, as well as fintech to help property seekers find, finance, and own homes. We continue to develop and deploy products and technology for responsible use by our growing customer base.

What is your major focus this year on your tech solutions?

For our Data Software & Solutions business, we will continue to work closely with property developers, bankers and all enterprise customers to offer them customised data and insights to improve decision-making and create more business efficiency for them. We will continue our investments in data science to develop products and solutions to support our customers, consumers, and partners.

We recently released a progressive ESG framework as part of a report titled The Real Estate World in Transition that gives valuable insights into building ‘Climate-Smart’ real estate. The actionable strategies for property developers and investors embrace sustainability without compromising financial viability. This report is part of broader market activities to educate developers and planners with data-driven insights to drive responsible property development in our region.

Our flagship insights dashboard DataSense is also being increasingly used by new governmental agencies in Singapore and Malaysia, REITs and industry bodies such as the Real Estate and Housing Developers Association.

Both the fintech as well as the data and software solutions arm are longer-term strategic opportunities for PropertyGuru Group as we continue to invest and build out the business. With the fundamental opportunities in our core markets, we are committed to future growth and profitability anchored around our vision to power communities to live, work and thrive in tomorrow’s cities.

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Image Credit: PropertyGuru

The post How PropertyGuru plans to help the real estate industry become more environmentally sustainable appeared first on e27.

Dear reader,

The ongoing investigation into allegations of sexual harassment at Malaysian tech agency Cradle underscores the importance of addressing workplace misconduct seriously. It is encouraging that the agency has taken swift action by suspending the official in question to facilitate a thorough probe. The use of evidence, such as a timeline and WhatsApp conversations, provides a strong basis for the investigation and may help ensure a fair and objective assessment of the situation.

In light of the broader concerns raised, including manipulation and abuse of power, the investigation must be comprehensive and impartial. The commitment to ensuring a safe and respectful work environment by both Cradle and the Ministry of Science, Technology and Innovation is commendable, as this case highlights the necessity for organisations to prioritise the well-being of their employees. This incident should serve as a reminder that fostering a culture of respect, accountability, and zero tolerance for harassment is paramount in every workplace.

Sainul,
Editor.

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Malaysia’s Cradle investigates official over alleged sexual harassment
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Elon Musk to integrate xAI with social media platform X
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How Full Circle-HydroNeo partnership empowers small-scale shrimp farmers
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PropertyGuru plans to help real-estate space become more environmentally sustainable
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SEA companies making waves with funding, innovation, expansion
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Major shopping events like Alibaba Group’s Singles’ Day, Black Friday, Cyber Monday and Lunar New Year are famed for offering huge potential for e-commerce businesses to boost sales and attract new customers who are eager to stretch their dollars. There are some head-wides.

However, a recent report has revealed that, in today’s challenging macroeconomic environment, 62 per cent of consumers in APAC are more prone to checking prices, and 45 per cent are cutting back on unnecessary spending. Although some expect this may put a damper on consumer spending ahead of this year’s shopping festival season, it might well be a timely opportunity for businesses looking to offer inflation-busting deals and discounts.

In fact, last year, 130 brands surpassed US$ 13 million in sales in the first four hours of the 11.11 Global Shopping Festival, topping an enormous US$ 153 billion in total. If this success is a signal of what’s to come in 2023’s year-end shopping season, shopping festivals aren’t going anywhere, and in many ways, they are more important than ever before.

While offering hot deals and promotions is the first step for many merchants participating in shopping festivals, many can make the mistake of turning a blind eye to the consumer experience and, in particular, payment preferences.

Paying attention to payments

There’s no point offering the best deal in town if a customer can’t check out. In a recent report, Statista estimated the average global e-commerce shopping conversion rate in the first quarter of 2023 to be two per cent.

Once the consumer decides to complete the purchase, a seamless user experience and catering to local payment preferences play a big part in truly optimising conversion rates. Merchants have to pay attention to payments, the final hurdle.

Even the slightest flaw in a payment offering can mean lost revenue, lost customers and lost opportunity. It might seem simple enough, but there’s no one-size-fits-all when it comes to payments, particularly in the fragmented APAC market.

Also Read: How can businesses best capitalise on the holiday season?

A common mistake merchants make is to base their payment method selection solely on the characteristics of their home market. However, payment methods have different flows, ranging from QR codes to redirecting customers to specific payment apps.

Simply adding a payment method is not enough to guarantee higher conversion rates — the same payment method can yield vastly different conversion rates even within the same industry vertical. The differentiating factor lies in how merchants tailor the payment flow to meet their customers’ expectations to create a customised experience, a shop-for-one genuinely.

Businesses need to offer the right payment method for the right industry vertical and region they are targeting. More often than not, this means having multiple payment methods to cover different customer preferences, enabling merchants to tap into different segments of their audience in the same market.

Optimisation and future-proofing are key

It’s all too easy to fall into the trap of setting up payments and expecting the customers to come rolling in. Once a business has won a customer and they’ve made their way to the checkout, there are a few simple steps they can take to optimise conversions, or they will fall at the final hurdle.

For example, adding a description of the next step can lead to a remarkable 20 per cent increase in the conversion rate, and similarly, placing the most used payment method at the top of the list on the checkout page makes paying quicker. It gives that familiar local consumer experience and ultimately increases conversions.

This step starts long before the seasonal sales kick-off — while it needs time and attention, it can save a lot of effort and troubleshooting later on. Merchants must test their payment flow to ensure it truly delivers a hassle-free payment experience for their customers.

This could mean engaging volunteers outside of the business to test the payment flow on various devices to help identify bugs, glitches or usability issues that could hinder conversions. Merchants should leverage the relationships with their payment acquirers to ensure the flows are tested and bug-free before the high-volume season kicks off.

When a transaction does fail, businesses should have a playbook to address and rectify it. They should make it straightforward for customers to pick up where they left off and start a new transaction or change their payment method.

The world of online payments is complex. But by avoiding common mistakes and prioritising the right support and market education, merchants can enjoy a prosperous shopping festival season with supercharged conversion rates and record-breaking sales.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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“Co-Working Space” is an example of a new category emerging that becomes part of our day-to-day lives.  It didn’t exist before the mid-2000s, and players such as Regus were (and continue to be) a different experience and positioning.  Without belabouring the history, 2005 was an early start of the new category forming around co-working spaces, with “Spiral Muse” in San Francisco and other smaller-scale operations such as “Hub” in London.

This new category helped us solve the problem of inflexible, long-term lock-in around our office and working space. It meant smaller companies and start-ups could rent smaller spaces on a much more flexible basis. It was agile and adaptive to our needs.  It was a refreshing new atmosphere to work in.

And then a clear category leader emerged: WeWork.  It was a quirky, memorable name and brand, and within it had a call to action.   It suggested community and shared creation.   It had a great story.

When I was part of a decision (close to a decade ago) around choosing a co-working space and signing a contract, WeWork looked like the obvious choice.   It had the “buzz” around it.  It was hard not to drink the Kool-Aid when you visited on-prem with big taglines like “do what you love” and “make a life, not just a living”.  Critical to our decision was that it was the category leader by far when compared to other companies and the many local/regional variations.

By signing up with WeWork, the inherent brand experience and promise was that it was a vibrant, global community.  You weren’t just getting space in a funky environment but were also joining a tribe locally and even globally (say when travelling).

Also Read: Mind the category curve: Are you driving it or will it drive right over you?

We were going to partake in regular events, meet fellow entrepreneurs and broaden our own personal networks.  The “product” we were buying into we believed would evolve and delight us with new value, opportunity, and a cool experience.

We pulled the trigger and signed a two-year lease.  And while there were events (pizza parties and beer on tap), it wasn’t really the networking we expected.  Elbowing in amongst the same faces on late Friday afternoon to try and get a limp slice of pizza eventually became a “no thanks”. The global ecosystem of members that we expected to tap into didn’t really happen.

The app/platform was there, but WeWork didn’t invest in building and nurturing the community in a meaningful way.  Our data and profiles didn’t seem to go anywhere in terms of a meaningful ecosystem of fellow WeWorkers.  The ecosystem was perfunctory, and the overall solution we were buying into did not evolve.

This shows how story and narrative combined with a strong evangelist can take you a certain distance.  However, there is a limit to “pumping” the company, its business model, and its valuation.

The failures of this former category leader are now being expounded at length around the management, the failed IPO, and the financial modelling and gearing. There is no argument here on these fatal flaws at the “company design” level.

To be the category king and to retain that mantle means having great people and leadership that are continually evolving and scaling.   It means smart business-model design and its evolution (especially in the face of a post-pandemic change in commercial property and interest rates!). The company design simply did not evolve over time to support WeWork as the category leader.

That said, what is not being widely discussed and analysed is a failure on two other critical fronts.

WeWork did not evolve the category

As the de-facto “co-working space” leader, WeWork needed to demonstrate vision and thought leadership around where and how the category will evolve.  It’s the category leader recognising that the problem being solved is bigger than just one company/themselves.

How are work and behaviour changing? How is productivity being impacted?  How are new collaboration tools being incorporated? What are global or cultural variances observed?  Are there demographic, say, millennial versus Gen Z nuances? What novel co-working patterns are being observed across not only companies but across the entire WeWork ecosystem? Tell us how the category is evolving and give us a future glimpse.

Also Read: Spotlighting Darryl Dickens: Shaping success through Category Design

Instead, what we were given was largely more rah-rah messages. What we really want is a powerful Point of View that leads with the problem (that is relevant to us) and tells us how the solution is evolving.  It shows us where the category is going and why we want to be part of it.

WeWork did not mature and evolve its product

As the category’s solution is evolving, how am I modifying and leading this with my products? What is my “blueprint” for continuing to be the leader today and into the future?

Take AirBnB as the leader in Community-Based Hospitality (“I want a different experience than staying in a hotel”).   This category leader has consistently evolved the product with examples such as: “AirBnB Plus and Concerts” or “AirBnB Experiences” (unique tours and attractions).

They are expanding the category’s ecosystem with new partners, adding new value and, therefore, valuation to the category.  It is not a static Total Addressable Market — it is creating completely new economics that hasn’t been unleashed before.

The “Category King” must continually guide us on where the category is going and demonstrate tangible new products as part of the experience.

These two critical gaps around product design, as well as category design, have played a substantial role in the demise of this once mighty category leader. This is a real shame when it is the key brand that has impacted us and is now slowly withering away.

Importantly, let’s learn from it and understand:

It’s good to be king.

But once you are there, you must continually protect your crown.

To do this must be on three fronts:

• Company Design
• Product Design
• Category Design*

Anything less, and your category leadership will be at continual risk!

Note: I acknowledge this “magic triangle” concept across company/product/category is taken liberally from the book Play Bigger – How Pirates, Dreamers and Innovators Define and Dominate Markets.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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When customers require assistance, whether it’s for product issues, billing inquiries, or general support, the most common frustrations they encounter are the lack of personalisation and long wait times. These disconnects can leave customers feeling undervalued and frustrated, potentially leading them to avoid future purchases of products or services.

In fact, studies indicate that nearly half of Singaporeans, as well as global consumers, express dissatisfaction with customer service interactions. Further to that, businesses are increasingly struggling with the growing demand for omnichannel communication with customers, especially with aims to expand their scale and reach.

As social media discovery and sales through social channels become increasingly mainstream, organisations are tasked to prioritise empathy, personalisation, and efficiency to effectively capture their target markets.

The emergence of AI’s “artificial empathy” thus presents a promising real-time solution for three out of four customers who feel that their emotional needs are neglected during customer service interactions.

In fact, AI’s empathetic capabilities can overcome existing industry challenges and enable businesses to deliver more fulfilling customer experiences at scale.

While the human touch remains essential for effective customer engagement and long-term relationship building, traditional rule-based chatbots can provide an immediate communication touchpoint between companies and customers, allowing them to feel attended to around the clock.

As a result, engaged customers exhibit greater customer loyalty, have more interactions with their brand, and, therefore, deliver greater value over their lifetime.

AI’s “artificial empathy” empowers its remarkable capability to comprehend the subtleties of customer queries, generate human-like responses, and address concerns based on extensive text data. It can then also redirect complex enquiries to human customer service agents for their action.

Also Read: AI revolution: Balancing human empathy and robotic efficiency in customer service

Additionally, AI’s ability to adapt language and tone to match each customer’s style creates a personalised experience, ultimately leading to greater customer satisfaction.

By harnessing the power of “artificial empathy,” brands can deliver immersive customer experiences at scale without compromising the vital human element needed to build strong connections.

A growing necessity for smaller enterprises

Limited resources often hinder smaller companies’ ability to scale their customer service efforts, resulting in challenges to provide fast and personalised support.

However, with AI’s “artificial empathy,” companies can automate and optimise their customer service, overcoming resource and manpower constraints to deliver exceptional experiences. This empowerment allows them to foster customer loyalty and satisfaction, enabling growth.

In the modern, fast-paced business landscape, meeting the increasing need for omnichannel communication is crucial for companies to thrive.

As the Head of Customer Success at SleekFlow, the leading B2B AI-powered Omnichannel Conversation Suite in the APAC region, I have firsthand experience in addressing these challenges. Throughout my journey, I have witnessed the significant impact of “artificial empathy” and its ability to empower small and medium businesses to deliver excellent customer service at a larger scale.

And it is not just businesses; consumers are eagerly anticipating this change. According to a survey conducted by McKinsey, two-thirds of millennials expect real-time customer service and three-quarters of all customers expect consistent cross-channel service experience.

AI thus plays a critical role as the first touchpoint for brands across multiple communication channels, facilitating real-time responses to customer queries and mitigating dissatisfaction. By leveraging AI, businesses can significantly reduce customer response time.

Beyond response time, with more interactions and exposure to various scenarios, AI can evolve to become more empathetic and situationally appropriate over time. It learns from examples, analyses interactions, and understands specific situations, enabling it to deliver personalised and appropriate responses.

Also Read: Human touch in tech: How exceptional customer service makes you stand out

Using SleekFlow AI as an example, brands that have integrated AI into their customer support workflows have unlocked the benefits of advanced AI capabilities. Clients have reported increased productivity as AI efficiently resolves queries and frees up time for important tasks. Such use of AI ensures consistent brand interactions and scalable support, facilitating seamless expansion without compromising quality.

Furthermore, AI also helps reduce training time by providing AI-driven assistance to new support professionals, empowering them to excel from the start.

SleekFlow’s AI feature for customer engagement, powered by the GPT-4 model, for instance, is presented as an AI-human hybrid model that exemplifies the potential of combining AI and human expertise, creating a seamless customer service experience. The model identifies complex leads and queries, automatically escalating them to human agents, reducing misinformation, and ensuring accurate and personalised assistance.

Consider an insurance company that utilises AI chatbots and virtual assistants. By analysing historical customer data and claim patterns, AI models provide personalised responses and tailored recommendations, enabling faster and more precise assistance. Integrating AI technology streamlines processes, delivers faster and more accurate customer support, and enhances the overall experience for policyholders.

In the current customer service landscape, it is essential for companies to strategically combine AI with the human touch to provide personalised and efficient service at scale. By gradually assigning tasks to AI systems, customer service specialists can focus on handling more complex scenarios and refining their skills. The future lies in empowering humans with AI working together to provide exceptional customer experiences.

With a significant dissatisfaction rate in customer service, it is evident that a robust solution is necessary. By embracing AI technology, companies can revolutionise their approach, delivering personalised, efficient, and empathetic experiences in the digital age. Let’s unlock the potential of artificial empathy and provide customers with the experiences they deserve.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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In an age of constant technological advancement, electronic waste (e-waste) has emerged as a formidable global challenge. Sustainable Living Lab (SL2), a passionate advocate for sustainability, recognised the urgency of addressing e-waste issues. 

Their response came in the form of Repair Kopitiam, a unique initiative that not only extends the lifespan of electronic devices but also seeks to foster a culture of sustainable living. Now, they have joined hands with the Youth E-Waste Ambassador Program (YEAP) to engage Singaporean youth and transform the e-waste landscape.

Repair Kopitiam: A Place of Renewal

Repair Kopitiam was founded on the simple yet profound idea that repair can be the key to reducing e-waste. SL2 firmly believed that, instead of discarding or recycling materials, there is immense value in repairing them and giving them a new lease on life. Repair Kopitiam was created with the goal of providing a space where all Singaporean residents with broken items could be guided by coaches to fix them back to good health. And yet, the program wasn’t just about fixing the physical issues; it was about mending a disposable mindset and pushing back against consumerism.

Also read: YEAP joins forces with Electrolux in championing sustainable living

The impact of Repair Kopitiam extends far beyond the program’s walls. By advocating for repair over replacement, this initiative encourages a more sustainable approach to e-waste management. Repair Kopitiam focuses on educating visitors about the importance of repair and reusing, not just recycling. It has introduced a more effective method for handling e-waste: repair what can be fixed, and harvest usable parts from what cannot. This approach not only reduces e-waste but also extends the useful life of electronic products, thereby minimising their environmental footprint.

Joining forces with YEAP

While Repair Kopitiam has been successful in creating a sustainable repair culture among its visitors, it hasn’t yet reached a significant portion of Singaporean youth. In previous years, Repair Kopitiam has largely been frequented by older people bringing their damaged electronics for repair — which speaks of the program’s limited engagement with the younger demographic. Currently, youth visitors make up less than 5% of Repair Kopitiam’s public event participants, and thus there is the opportunity to engage what perhaps is a huge, untapped audience.

In line with this, SL2 decided to focus its outreach to the age group of 18 to 36. They recognised the urgency of collaborating with the younger generation to create lasting change in e-waste management. In this pursuit, SL2 found a valuable ally in the Youth E-Waste Ambassador Program (YEAP). YEAP’s mission aligns perfectly with SL2’s vision, and their partnership offers a powerful platform for engaging the youth in Singapore.

The Singaporean youth are poised to play a pivotal role in addressing the e-waste issue in Singapore. They stand to inherit a better understanding of the challenges associated with e-waste and can learn from the mistakes of previous generations. The myths and beliefs that hinder sustainable e-waste management can be dispelled, and a new mindset can emerge. The youth are essential torchbearers of a more sustainable and environmentally conscious future.

Also read: YEAP joins forces with youths to drive e-waste awareness and sustainable innovation

Through their collaboration with YEAP, SL2 aims to provide the Singaporean youth with an opportunity to experience the joy and community spirit that emerges from repairing items at Repair Kopitiam. They want the youth to understand that “Repair” is not just a missing ‘R’ but a crucial one in the concept of the circular economy, which is integral to sustainable living.

To the Singaporean youth, SL2 offers a precious piece of advice: take one step at a time in your sustainability journey. Amidst numerous distractions and a multitude of suggestions, focus on one sustainable action at a time. Make sustainability a habit, not a chore. By doing so, you can make a significant and lasting impact on e-waste management and contribute to a more sustainable future.

SL2’s Repair Kopitiam’s partnership with YEAP is a testament to their shared commitment to creating a more sustainable approach to e-waste management in Singapore. Together, they are working to engage the younger generation, break down myths, and instil a sense of responsibility for the environment, all the while promoting the culture of repair and sustainable living.

For more insights on e-waste, and updates on upcoming programs and activities, follow YEAP on Instagram and Facebook.

Join YEAP. Become a youth ambassador here.

To learn more about Repair Kopitiam, click here.

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This article is produced by the e27 team, sponsored by YEAP

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Flux Series: Marketing Leaders is happening at the St. Regis in Jakarta, Indonesia, on 15 November 2023. Are you working in the field of marketing? Don’t miss out on this focused and curated event designed especially for marketing professionals!

Visit Flux Series: Marketing Leaders for more information! Read on to get discounted tickets.

Flux Series: Marketing Leaders is only a few days away and we couldn’t be more excited to be joined by some of the most exciting brands in Indonesia today!

Flux Series is a curated, intimate, and focused convergence of top industry leaders to engage in active learning sessions, enabling access to in-depth knowledge and actionable insights that can propel sustainable growth and profitability for your brand.

For the premiere edition of Flux Series, we will gather key leaders in marketing to discuss, ideate, and strategise actionable steps to optimise your marketing efforts using AI-driven innovations and technology with the objective of reaching new marketing goals for your company.

Also read: Gain practical knowledge on mobile attribution with experts at Flux

Happening on November 15, 2023, at The St. Regis Jakarta, Flux Series: Marketing Leaders aims to provide a platform for industry leaders to come together and co-create solutions to today’s most pressing challenges in the marketing space by fostering a culture of knowledge-sharing.

As such, we are delighted to be joined by top brands in Indonesia who share our commitment to promoting the influx of growth-oriented knowledge within our vibrant business ecosystem. Here is a glimpse of some of the companies that will be at the Flux Series: Marketing Leaders!

Get to know these top brands at Flux!

Flux Series: Marketing Leaders is going to be attended by industry heavy-hitters, including startups from e-commerce to fintech and even to AI solutions providers, to global corporates in the F&B space, banking, and hotel industry. Here are some of the brands you can meet at Flux!

Get discounted tickets today!

Staying true to its mission of catalysing enriching dialogues, the team behind Flux Series is gathering some of the finest thinkers from across the marketing landscape. Not only will the event be attended by top brands in the region, but it will also feature top-level marketing professionals who will be engaging in meaningful conversations and sharing actionable insights that can help participants propel their respective businesses to greater heights.

Leading our attendee composition at 39.4% of our RSVPs are CMOs and other C-Suite level executives. Closely behind are Marketing Managers at 17.4%, followed by general Marketing Professionals at 16%. Rounding up the attendee composition are other relevant stakeholders in the UX/UI space, Data and Analytics, and Product Development making up 15.3% as well as Team Leaders at 11.9%.

With a focus on unlocking sustainable growth through shared learning and access to in-depth knowledge, these industry leaders will be bringing their wealth of experience in AI-powered marketing to the table at Flux.

What we have in store

Flux Series serves as a platform for knowledge-sharing among leaders in critical business domains, fostering the continuous exchange of information and expertise from one organisation to another. It embodies the spirit of bringing together leaders from diverse backgrounds, industries, and experiences to create a dynamic space where ideas converge, connections are celebrated, and the ceaseless flow of knowledge drives innovation and progress.

Also read: Learn how to implement AI technologies on the spot at Flux

As such, the conference will showcase the following exciting features for all participants to engage in:

1. Growth-Oriented Content Stages: The heart of the Flux Series lies in its content stages, which are meticulously designed and curated to provide insights and expert knowledge from some of the business ecosystem’s most renowned leaders. With our esteemed panel of experts, attendees stand to gain practical knowledge that can be applied within their organisations as well as an inside look at some of the unique challenges and experiences faced by different industry leaders.
2. Peer-to-Peer Roundtable Discussions: Flux Series offers a unique opportunity for business leaders to engage in focused discussions with their peers. These roundtable sessions facilitate the exchange of ideas, strategies, and best practices, allowing attendees to gain a deeper understanding of industry-specific challenges and solutions from people working in similar roles.
3. Active Learning Workshop Sessions: In addition to discussions and keynote presentations, Flux Series features on-the-spot active learning workshops. These interactive sessions encourage participants to roll up their sleeves and dive into hands-on activities, fostering a deeper understanding of emerging technologies and innovative practices and enabling them to test strategies and fresh ideas on the spot.
4. Open Networking: Flux Series understands the importance of networking in the business world. It provides an open and inclusive networking environment, allowing all participating stakeholders to connect, collaborate, and build meaningful relationships with other key industry leaders.

Join Flux Series: Marketing Leaders

In the age of disruptive technologies, building a future-proof AI team is not just an advantage; it is a strategic imperative. Cultivating a culture of continuous learning and talent development empowers teams to adapt to the ever-changing landscape of AI, fostering innovation, attracting top talent, and ensuring compliance with ethical and regulatory standards. By investing in the growth and development of their AI teams, organisations position themselves to lead the way in the exciting and transformative world of artificial intelligence.

Also read: Explore how AI is changing the way we market at Flux

Join these industry leaders and more at the Flux Series and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

Get ready to embark on a journey that will not only deepen your understanding of AI-driven marketing but also equip you with the actionable insights needed to thrive in the dynamic world of modern marketing.

Join Flux Series: Marketing Leaders with discounted tickets here.

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In a recent LinkedIn Ask Me Anything (AMA) session, Ying Cong Seah, Co-Founder of Glints, an online talent platform in Southeast Asia, provided valuable insights into achieving product-market fit (PMF) in the region. The discussion revolved around the challenges and strategies for founders, the role of resumes in the future of work and education, emerging tech talent pools, pricing strategies, market expansion, and more.

Seah emphasised the importance of considering monetisation strategies from the outset, especially in Southeast Asia’s diverse and fragmented markets. He shared his views on the enduring relevance of resumes in the hiring process and the factors that shape the tech talent pool in emerging markets.

Below are Seah’s detailed responses to the questions from the LinkedIn users:

How do you define PMF?

It’s quite hard to say because it is very situational, but typically, it shows up in higher than benchmark sales conversion and growth rates. In such cases, the bottleneck is not demand but your ability to supply. 

How do you assess/test PMF, and at what phase of the startup process do you do it?

I have not found a conclusive test that works for all kinds of products and services, but several cornerstones are based on the sales funnel; instead of thinking of it as one test, it is a series of gated tests where you don’t move on until you have passed the prior tests.

One is the emotional resonance when you describe the value offerings to your customers; you can sense if there is an actual pain point.

Also Read: Non-revenue generating jobs tend to be more affected in the current downturn: Glints CEO

The next is conversion to sign-up and activation, where sufficient customers have proven their willingness to invest time or money into your product to experience the core value offering. Depending on the natural usage frequency of your use case, you would want to compare your retention rates against benchmarks in your field.

All these checks that your core value proposition resonates; what you need subsequently is the validation of a growth channel that you can sustainably scale up for the mid-term. These are all relatively intuitive; the hard part is finding the benchmarks to determine what constitutes pass/fail. Unfortunately, these are very situational and best found by studying comparable products.

How does the concept of early adopters fit into the PMF equation, and how should they be engaged?

There’s a closely related term in go-to-market (GTM) called “ideal customer profile.” Most people know about this concept, but what’s less practised is how rigorous people are about implementation.

An excellent rule of thumb is to have two to three filters on who falls into your early adopter/ICP category (e.g. CIOs in 50-100 people startups that have just raised funding in the fintech space). How it fits into the PMF equation is that once you have hit upon a segment that resonates with your offering, narrow your sales and marketing effort to this crowd relentlessly. It takes longer than most founders think to exhaust that market; most people go too broad.

In terms of engagement, other than going above and beyond to ensure they have a stellar experience, another helpful frame is that the early adopters hold the answers for why your offerings resonate. Your job is to understand that answer as deeply as possible.

How do you factor pricing into PMF for your company’s offerings? How does pricing strategy vs PMF differ across markets?

Pricing is part of the product in PMF. In many cases, we have found Van Westendorp’s pricing model to be a sufficient enough test to get us started. It is important to understand the pricing aspects beyond the number, such as the pricing model (consumption-based, subscription-based, transaction-based), payment frequency, and who owns the budget (in B2B).

Which role(s) in an organisation is responsible for customer development for a new product/business opportunity: Business Analyst (BA), Project Manager (PM), Sales/Business Development (BD) Head, or Founders?

In our case, it is usually a combination of the co-founders and the business lead. At this time, we haven’t reached the size where we are developing new products or businesses regularly. It’s more stage-appropriate for us to deepen our current products. We have made the mistake of entering new markets too quickly and severely underestimating how much our existing markets can be deepened with more robust execution. 

Also Read: ‘Global firms are paying closer attention to SEA’s tech talent pool’: Glints CEO

In the end, BD and PMs play a role in validation from frequent direct contact with customers, but the final value offering decision falls to the business lead.

What is the relevance of resumes/CVs in the future of work/education?

People have predicted the end of CVs for a decade, but it’s surprisingly sticky, especially in the SEA markets outside of Singapore. 

I remember reading how Reid Hoffman described LinkedIn as the modern CV, but if you observe how hiring is done, CV is still a crucial aspect of the workflow. Of course, this varies from role to role; for executive positions, you place more weight on their reputation and references, and for blue and pink-collar functions, it’s more about availability and proximity.

All other roles still rely on CVs, and I don’t see any trends bucking that yet. CVs still serve as a very easy shorthand for doing a first cut, and it’s more of the interviewing methods that I have seen evolve after that cut. 

Where will the world’s next emerging tech talent pool (outside markets Glints is already in) come from? Or will AI take over the world before this next market emerges?

From our experience studying and operating in labour markets, demographics is always the dominant, long-term determinant of its vibrancy. Education policies play a close second. The reason why Vietnam has been in the tech talent pool of SEA for more than a decade now is its young demographic plus a strong emphasis on Science, Technology, Engineering, and Maths (STEM) education. 

As for AI, my bland belief is that reports of the death of tech jobs by AI are greatly exaggerated so far.

How did you assess which markets to expand first, and how has the differentiation between market behaviours informed your decision for further market expansion?

The current market size and growth rates are our primary criteria, followed by competition intensity. All being equal, the growth rate is the most promising factor because it can offset the competitive dynamics in some cases. The market sizing is a simple test, but the devil lies in how rigorously we validate that math over time.

The calculation became more nuanced over time as we layer in additional factors like the internet penetration of that particular service, the average willingness to pay, the average transaction value and frequency, etc.

Also Read: Glints banks US$50M Series D to expand its talent discovery platform to Philippines

So the logic behind market expansion orders hasn’t changed, but the rigour has deepened with a better understanding of our existing markets.

To transition from the Series A to Series B stage, what were the top three challenges you faced as a technical co-founder?

1. Adding the first management layer as we scaled the team, my job fundamentally changed from managing ICs to managing managers. It was a big shift in terms of how I spent my time and what counted as valuable work.
2. My role became cross-functional, and I had to make technological and product decisions closely intertwined with operations and marketing. Cross-functional alignment and management took up time and space when the company grew.
3. The cost of wrong decisions becomes much higher. It’s one thing to revert a decision when the team is ten people; it’s quite another when it is 50. Decisions became more expensive to revert, requiring higher-quality thinking and debate.

What are the future trends and challenges in the talent and HR tech industry in SEA?

Trends

1. Demographics and governance are the two huge determinants of economic growth; we see Indonesia and Vietnam still have very long and promising runways.
2. The white-collar talent pool will mature, more skilled, more managerial and leadership talent.

Challenges

Education in many countries still has room to strengthen, both in terms of rigour and per cent of the population reached.

Borderless hiring: with the acceleration of digital and the adoption of remote, we will see more employers open to hiring strong talent outside their home base.

At what stage should a company/startup consider hiring HR for their business?

This is a very rough guide. At Glints, we hired our first HR leader with over 100 employees, and it was far too late. We should have started that at ~50. When you are 50 people, you can probably get by with a mid-level HR manager who offloads some of the people processes from the leader. Beyond that, you need a more experienced leader to bring in some structure and processes, such as performance management, promotions, hiring and retention. This all needs full-time attention.

What advice do you have for aspiring founders in Southeast Asia looking to make an impact in the talent and community space?

My advice is to think through your path to monetisation right from the beginning by talking to companies that have successfully done so. This is more of a compensation because, firstly, one of the core challenges of Southeast Asian (SEA) markets is lower average revenue per user (ARPU).

Secondly, founders attracted to the talent sector tend to be quite mission-oriented. Balancing those with a well-researched and thought-through monetisation hypothesis gives your company a far higher fighting chance.

Also, understand that SEA is a combination of diverse and fragmented markets, so get clear on which market you want to start with.

—

 

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In the fast-evolving landscape of the financial industry, the increasingly competitive landscape and relentless push for innovation have compelled traditional banks to embark on a transformative journey to modernise their legacy systems.

While embracing cutting-edge technology and digital advancements is the clear option and imperative for banks seeking to thrive in the digital era, many traditional banks are uncertain about how to move forward.

In the decision to adopt a modern core banking system and overhaul existing infrastructure, a new strategy has emerged that demands attention and contemplation — the concept of coexistence.

The traditional approach to core modernisation involved complete system replacements, often involving substantial risks, disruption, and significant investments. While the outcomes were intended to be transformative and rewarding, the path to get there was fraught with challenges.

The coexistence approach offers banks the opportunity to strike a delicate balance between past and future, seamlessly blending legacy systems with modern, agile technologies.

More importantly, the costs and complexity of legacy banking are placing constraints on banks’ ability to not only innovate but also in providing the real-time, personalised banking experiences that customers expect.

Moving beyond the Big Bang approach

In the past, typically during the nine-to-five era of banking, the Big Bang migration approach was preferred when moving to a new core platform, a single migration phase in which all product data was extracted, transformed, and loaded in the shortest time possible.

Also Read: Striking the balance: AI, leadership, and the modern workplace

A Big Bang migration was supposed to have minimal downtime so business could resume as soon as possible. Customers usually end up having to tolerate wait times or outages of some form. Depending on the systems being migrated and their business impact, downtime might not be an acceptable option.

What is more, unexpected issues coupled with a lack of agile project management mean that new issues can be discovered after the migration has been completed. Worse still, if the migration fails, a complete rollback (and additional downtime) ends up being needed, not to mention the regulatory scrutiny that usually follows.

The case for coexistence

A more effective route to success for banks, in this case, would be coexistence or running two or more cores together for a period. The ability to bridge cores allows for a phased transition between the old and the new, along with the added benefit of risk-mitigating deployment strategies.

The coexistence model aligns migration with modern software practices, allowing the bank to deploy, migrate, test, and learn from small tranches of its portfolio in a far more controlled approach.

Naturally, each bank will have its own unique and complex data landscapes, so there is no one-size-fits-all model when it comes to coexistence. However, here are some common lessons that banks’ IT and delivery teams can keep in mind on their coexistence journey.

Embrace coexistence and set up the right team for the job

Recognise coexistence and actively plan for it during your transition state or states.

Set up a central team of experts to ensure comprehensive planning and decision-making. This may be distinct and separate from the business and technical teams that define the target state operating model and architecture.

Also Read: Banks must solve their core banking conundrum – or fail

This central team will set the North Star in terms of coexistence early in the program. From there, they will lay the required implementation path, working through each challenge and finding answers for the coexistence situations as they arise.

This team must also be empowered and have the appropriate senior sponsorship to smooth the working process across the many teams involved. Difficult decisions must be made, often at pace, to keep the program and its stakeholders aligned while moving forward with a holistic change-management strategy.

Use technology to support coexistence better

Gone are the days of stitching together a manual process, which would inevitably place additional pressure on operations colleagues. Instead, utilise the program’s target architecture to enable technology-centred coexistence.

Banks can be safe knowing that any interim builds can more easily be changed as you transition from one state to another with a more loosely coupled architecture. For example, a dedicated service could be set up to serve as the ‘control centre’ for managing coexistence indicators across various systems of record.

Investing tactically in legacy can help, but remember to plan for legacy decommissioning

Changes to the source system or data are likely needed to enable a successful transformation. For example, additional flags or tags may be required on legacy accounts to indicate which have been migrated.

Plan these changes early with the teams supporting the legacy core to ensure that things go smoothly. Equally important is that there are concrete steps in place within the migration plan to decommission the legacy estate, to ensure stakeholder buy-in on the journey, and to recognise the full benefits of the core modernisation program.

Final thoughts

Undoubtedly, the migration of core banking systems is a complex undertaking with inherent risks. Yet, with a strategic mindset, a well-planned approach, and the adoption of appropriate tools, banks can position themselves favourably to embrace the concept of coexistence on their path to a new digital core.

Simultaneously, this approach enhances their prospects of successfully navigating the challenges posed by the dynamic landscape of the next normal. The banks that achieve success in this journey of modernisation will emerge as the leaders in the near future.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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The fintech revolution has been sweeping across the globe, transforming traditional financial landscapes and revolutionising the way people access and manage their money.

Asia, with its diverse markets and rapidly expanding digital infrastructure, is poised to become a global fintech powerhouse. However, several challenges stand in the way of its fully-fledged growth, including regional regulatory complexities, barriers in partnerships and cybersecurity concerns.

The value of fintechs, particularly to traditional financial institutions, is undeniable. When the idea of a fintech revolution started, banks initiated their collaboration with minimal engagement in areas such as KYC, identity verification and fraud management, and are now partnering with fintechs to disrupt the market around payments, lending and digital banking.

These partnerships bring innovation and hyper-personalisation for consumers and have given a much-needed impetus to the fintech industry.

Onboarding fintechs can help to reduce a bank’s operational costs, ensure easier deployment of new technologies, such as online portals and banking channels, and achieve efficiency and automation.

According to a survey of 260 major banks conducted by Finastra and East & Partners in January 2023, a total of 87 per cent of banks in Asia Pacific said they are planning to connect with an average of four fintechs in the next 12 months, with just 12 per cent planning to develop their solutions in-house fully.

Regulatory fragmentation

Regional fragmentation in Asia creates significant barriers both for banks engaged in digital transformation and for fintech growth, including navigating multiple legal frameworks, compliance standards, and licensing procedures.

Also Read: Fintech growth in Asia: Why businesses should prioritise expansion in the region

These can be time-consuming and expensive and make it challenging for banks to scale their services across borders. It is particularly noteworthy in Asia compared to other regions and can limit the partner solutions that can be used.

A Cambridge University 2022 report, ‘Fintech regulation in Asia Pacific’, cited the main obstacles in forming regulatory frameworks in Asia Pacific as limited technical expertise, having to coordinate activities with multiple regulators, a lack of clarity on jurisdiction over an activity and limited funding and resources.

COVID-19 also exacerbated existing challenges in regulating fintech and introduced new ones, such as accessing timely data, coordinating with other domestic agencies and performing core functions while working remotely.

Internal matters

Internal factors can also be challenging for banks trying to integrate fintech solutions into their product offerings. Major issues include interoperability, budget constraints, upgrading legacy systems and shortage of expertise within the bank.

The Finastra and East & Partners survey found that almost a third of banks (31 per cent) said one of the biggest barriers for them was internal coordination/cooperation when integrating fintechs with internal product offerings, while 20 per cent said a lack of a strategic direction and plan was holding them back. This finding is underlined by contrasting responses from business leaders and CTOs on which fintechs they prioritise when onboarding.

Data concerns

As fintech adoption grows, so does the threat of cyberattacks. Asia has witnessed a surge in cybercrime, and financial institutions are prime targets. Consumers and businesses can be hesitant to fully embrace fintech solutions due to concerns about data breaches, identity theft and financial fraud.

High-profile data breaches and cyberattacks have raised red flags, leading to apprehension among potential users and regulatory bodies. In Asia, where varying data protection laws exist, the lack of a unified data privacy framework complicates matters further.

Some Asian countries, such as China and Indonesia, have implemented data localisation requirements, mandating that data collected within their borders must be stored and processed locally. However, this can pose challenges for fintech companies that operate across multiple jurisdictions as it may require them to establish costly data centres in each country.

As Europe and North America embrace data sharing and open banking, varying data rules in Asia can be frustrating for banks, who risk falling behind those in other regions.

Traditional mindset

Cultural factors can also play a pivotal role in shaping consumer behaviour and business practices in Asia. Many people in the region, even in highly banked populations such as Singapore, still prefer traditional banking methods due to longstanding relationships they may have with conventional banks, a sense of security when dealing with an established financial institution, reservations about doing digital banking, and a preference for face-to-face banking services and human interaction at physical bank branches.

Also Read: Despite decline, global fintech funding remains fairly stable: McKinsey report

What’s to come?

Asia is poised to be the fastest-growing region for fintechs, led by countries like China, India and Indonesia. The adoption of cloud and technology changes, along with fast-growing customer bases, are contributing to the growth of the industry. We are seeing traditional and digital banks collaborate with fintechs not only to create differentiation in the market but also to service the underbanked.

But the fintech space is fast-moving, and innovation is crucial. AI is perhaps the biggest innovating development and will continue to shift the fintech landscape. We are already seeing fintech products and services steer towards AI and machine learning capabilities to differentiate and disrupt the market.

Looking ahead, amidst funding issues and attempts to gain trust from the industry and consumers, fintechs are likely to evolve their business models and form value-based partnerships.

Considering Asia more broadly, through collaborative efforts involving governments, regulatory bodies and industry players, this region can certainly create an environment conducive to further fintech growth and unlock the industry’s full potential.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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