Are Banks Still Relevant in the Digital Age? The Changing Landscape of Banking
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Are Banks Still Relevant in the Digital Age? The Changing Landscape of Banking
April 26, 2022 @ 1:30 PM - 4:00 PM PST
Free / RSVP is Required
Are Banks Still Relevant In The Digital Age?
THE CHANGING LANDSCAPE OF BANKING
There has been a significant shift in the global banking and payments industry. A report from The Economist* revealed that just a decade ago, banking institutions made up for 96% of the industry’s total market value. Today, their share has gone down to a little over 70%, with fintech firms like Ant Group and PayPal making up for 11% and non-bank payment firms accounting for 17%
In AIBP’s 2021/22 ASEAN Enterprise Innovation Survey**, 27% of respondents indicated that digital transformation in their organisation is focused on new business opportunities, innovation, and product enhancements, while 21%
indicated that efforts are focused on customer centricity and personalisation. Some of the key technologies that ASEAN BFSI leaders are looking to invest in over the next 2-4 years include data analytics, ML, AI, and RPA.
Major digital banking strategies emerging in the region include banking the unbanked, shifting traditional banking to digital platforms, banking-as-a-service, and super-app strategies.
What will the rise of fintech players and the millennials’ lack of affinity to existing bank brands mean to the conventional banking business model? How can incumbents fight back and stay a step ahead of the competition while staying in line with the increased regulatory oversight of regulatory watchdogs?