Symphony and Box have a lot in common. We’re both cloud native; both reimagining how technology can help people at work; and both deeply committed to helping our customers achieve successful digital transformation initiatives.
So, as more and more important work conversations are happening over chat, it makes sense to enable efficient, intuitive document sharing via collaboration platforms. What’s more, it’s imperative that the information sent over chat is done so securely and compliantly, particularly for companies operating in regulated industries like financial services or insurance.
“Digital transformation” has been mot du jour in boardrooms and among executive teams around the world for the last 3 to 5 years. Indeed, this trend has officially become “mainstream”, even sometimes passing into a panacea for any and all technology initiative an organization undertakes.
And as the digital enterprise becomes a reality, business leaders are doing more than ever to lead major business transformations. IDC predicts that 40% ($1.18 trillion) of all global technology spending in 2019 will go toward digital transformations (an 18% increase from 2018). And, worldwide Digital Transformation technology investments are expected to total more than $6 trillion over the next four years.
It is said that good things come in threes. That was the case this past Thursday, when Symphony hosted its second annual Innovate Asia Conference. I look forward to our Innovate events each year; our conferences are becoming a staple of the financial services’ innovation culture, and it gives us all great joy to be able to bring together so many brilliant minds to host a day of learning, sharing, and collaboration.
Ahead of each Symphony Innovate, Symphony celebrates with a series of Hackathons where teams can connect to our community, accelerate creative development, and encourage collaboration in-person as well as online. This year, over 140 developers – our biggest turnout yet! - joined us at our Innovate Asia Hackathons in Hong Kong, Singapore and Tokyo. Here, teams ranging from global banks to software startups to universities gathered to build innovations on and for Symphony, leveraging our open APIs, unique chat interface and unique security model.
Yesterday, Symphony celebrated its second Innovate Asia, an event that brought together over 300 executives, developers, and industry experts from 120+ different companies across the APAC community to discuss the new digital workplace, share innovations, and hear about what’s next for Symphony.
This was a landmark day. We not only announced our latest successful fundraise, including new investments from key partners in Asia, but also officially introduced Symphony Market Solutions, our new suite of standardized, licensable workflow and automation tools. Additionally, our customers showed off a range of new use cases, workflows and innovations they’ve developed on top of the Symphony platform.
Innovation around workflow automation is accelerating across all segments of the financial industry - from banking to markets, and IT to operations. Workflow automation improves efficiencies, reduces manual errors, limits context switching and generally frees us up from menial, repetitive tasks. It is proven to reduce operational complexity and cost, to help better serve clients with higher engagement, and improve employee productivity.
But automation requires a platform that is both secure and open. Automation also requires a platform that can bring humans and bots together to achieve faster business outcomes. As the industry and our clients embark on this journey, we realized that most platforms used by clients fail in one or more of these dimensions. As the industry's collaboration tool of choice, we believe Symphony is ideally placed to fill this void and enable our clients’ automation and digital transformation initiatives. To address this need, we released an SDK early in Symphony’s evolution which allows our customers to build bots, apps, and integrations for the Symphony platform themselves.