Biography

Mr Derek Chung is a veteran banker who has over 30 years of solid experience in finance industry.

Derek, joined Wing Lung Bank as Assistant General Manager and Head of Retail Banking in 2013, is mainly overseeing retail banking business, secured and unsecured consumer loans products, credit card and consumer finance services, property management services, as well as customer services.

During his career journey, he spearheaded major retail strategic initiatives and product innovations in different financial institutions. His leadership and extensive experiences in sales & marketing has led various organizations in sustaining competitive advantages and achieving remarkable business results. In particular, he launched several first-in-town products and programs which brought dramatic changes to the retail banking industry in Hong Kong.

Derek holds a MBA, LLB and BBA (Hons) degree. To further strengthen the business intelligence, Derek is keen to pursue the advance learning in business administration and management. Currently, Derek is studying a DBA program in The Hong Kong Polytechnic University which facilitates a new angle to absorb and comprehend wide ranges of academic knowledge and practical applications.

Speech Title and Synopsis

Innovations in the Financial Industry

The banking industry is facing severe disruptions in the new era. Banking paradigm has been shifting by FinTech, new entrants, new banking channels and rapidly changing customer expectations.

Being digital requires being open to reexamining the entire way of doing business and understanding where the new frontiers of value are. On the other hand, traditional banks have pre-defined decision making hierarchy and organizational culture, the transformation process usually encounters lots of hindrance. In order to survive and thrive in the digital era, banks are crucial to getting ahead of trends that can deliver value.

To better illustrate how banks survive disruption and thrive, recent developments in FinTech and Artificial Intelligence (AI) adopted by Wing Lung Bank or other industry peers will be shared during the presentation.