APAC Review 2019: Banks of the future

Regional review

November 2019

Throughout the Asia-Pacific region, banks are developing strategies to take them into the future – to provide experiences that meet the expectations of modern customers and capitalize on the opportunities presented by the newest technologies.

Mobile banking, 24-hour service, and complete security are now taken for granted. Banks in the Asia Pacific region are looking beyond what their customers expect and planning their evolution around the potential of technologies like artificial intelligence, blockchain and big data, and partnerships with dynamic new financial technology firms.

Technological advances have facilitated new business models based around personalization. Utilizing new technology, banking service models are evolving from one-to-many to one-to-one personalized service that can meet the unique needs of all client types.

The future of banking not only promises customers functionality and convenience at levels that we can hardly envision, but also the optimization of efficiency in every aspect of a bank’s operations, from recruitment to processing transactions to unearthing new business.

This Regional Review is split into three primary sections. First, we explore the strategies that are being employed by banks across the region as they prepare themselves for the future. Next, we consider the potential of digital transformation and find out how banks are already reaping the benefits. Then, we focus on the future of payments.

Throughout the publication, leaders from banks in all areas of the Asia Pacific region give us their unique insights and we profile some of the most exciting new developments that their organizations are bringing to the industry. Our thanks go to the Efma members whose generosity in sharing their knowledge and vision has enabled us to deliver a comprehensive overview of the future of banking in the Asia Pacific region.

This report is exclusively reserved for Efma member institutions.

Keywords : Digital payments/Wallet , Business strategy/Model , Bank Products & Services , Transformation , Digital/Mobile channels