Increased utilisation of financial technology is setting the stage for further digitisation of the Philippine’s consumer banking industry, which is slowly transitioning into a “cash-lite” economy.
Traditional banks in China have begun to utilise cutting-edge technologies by collaborating with technology companies, start-ups or emerging financial institutions. While pushing their way in revolution, the vital point is to strike a balance between the digitisation of services and traditional manual banking services.
The Internet of Things offers potential opportunities in retail and corporate banking and will fuel the rise of new types of clients in the form of smart cities and autonomous artificial intelligence driven market agents.
Fintech, the latest buzzword in the peer-to-peer lending sector, has carved a niche for itself in a short span of time. As banks tighten their seat belts for the new-age disruption, they are showing strong affinity towards collaboration with the marketplace lenders to secure their customer proposition.
While many financial institutions in emerging markets are trying to strike the right balance between their physical footprints and digital presence, leading banks in mature markets are proving that digital transformation can boost profitability and efficiency.
Digitisation in the cross-border money transfer industry might leave fewer opportunities for incumbent banks and operators to grow. How they cultivate alliances and digital innovation to stay ahead of competitive will be critical moving forward.
New proofs of concepts have emerged in blockchain as the industry tackles various impediments to its successful adoption. The technology initiatives would need to be complemented with stronger collaborative efforts and interoperability for future growth.
As the search for efficiency intensifies amid a slowdown in economic growth, banks continue to leverage technology to relieve cost pressures and provide increasingly complex working capital solutions that their clients demand.
The advent of new technologies is driving rapid upgrading of national payment systems around the world that are enabled with rich data and real-time capabilities.
Banks are integrating new technologies into their core businesses to improve their digital banking presence and speed-to-deliver
Australian banks are moving towards increased digitalisation, leveraging technological advancements to ensure seamless customer experience in providing better retail banking products and services.
Growing transaction volumes are pushing Indian banks to rethink technology architecture to integrate cloud and data capabilities to meet growing transaction volumes. Indian fintechs and digital players see consumer growth, but also increased expectations and competition.
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