The Indian central bank’s disciplinary action and consequent threat to Paytm Payments Bank’s licence is a lesson for the industry that growth and innovation cannot be at the cost of compliance
The Indian central bank’s disciplinary action and consequent threat to Paytm Payments Bank’s licence is a lesson for the industry that growth and innovation cannot be at the cost of compliance
Banks in Asia Pacific invested an estimated $63 billion towards technology in 2022. The annual spending on technology is expected to increase by 7.5% in 2023 to $68 billion.
Banks have been investing in AI over the last few years, focusing on specific use cases. They must now scale AI across their business processes and incorporate emerging advancements in GenAI.
Banks increasingly focus on modernising technology architecture and ‘hollow’ their core systems to address the challenges of legacy systems and meet the evolving business needs, agility, scale, for future growth.
According to a TABInsights survey on technology investment, FI in APAC prioritise data management, advanced analytics and digital banking capabilities
Even as regulators become more stringent, the financial industry continues to grapple with cyber attacks and fraud, according to experts who shared their strategies in a TABInsights survey
Investors’ risk appetite and fondness for fintechs have cooled, leading to a 42% drop in global funding and 57% drop in APAC funding in the first half of this year
Banks have implemented chatbots for operational efficiency and improved customer access, but new AI capabilities expose key gaps in contextual and cognitive capabilities of current bots
While some banks have increased the use of AI in personalising services, marketing and risk management, legacy systems struggle to leverage and scale it effectively, and financial institutions must rethink technology frameworks to move towards AI-driven organisations
The Asian Banker’s survey across financial institutions (FIs) in seven countries in Asia reveals emerging trends in cybersecurity risks and fraud, pressing challenges and technology areas prioritised.
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.
Ethereum’s recent software upgrade the ‘Merge’ is a key step in its future roadmap of development, but there remain several challenges that this emerging technology still needs to address.
The financial services industry is undergoing a massive shift to cloud, but the challenging technology transition for incumbents requires a strategic rethink of architecture, data, people and processes.
While new digital banks in Asia Pacific harbour lofty ambitions to reduce customer pain points with unique business models, differentiated services, as well as agile and efficient technologies, they face formidable competition and a challenging journey ahead to achieve scale and profitability
The rapid transformation of domestic and cross-border payments brings new opportunities and challenges for financial institutions.Amid shrinking payment margins, players are rethinking their business models to better monetise data insights and integrate financing options such as “buy now, pay later” (BNPL). Industry experts share their views on the impact of this changing landscape, emerging value propositions, and key technology enablers for future growth
The COVID-19 pandemic accelerated the digitisation and innovation in financial services. It has also impacted the operations, financial sustainability and funding of fintech companies
Recent cyber-crime trends show that criminals have been creative in exploiting emerging vulnerabilities and opportunities. To set up effective and resilient defence, banks need to build an integrated leadership driven cybersecurity hinged on technology, intelligence and collaboration.
Africa’s e-commerce landscape is growing, with more players entering the industry. With increased e-payment innovations and technical security, Sub-Saharan Africa will continue to see growth in is number of online shoppers.
With the reprieve on know your customer regulations on certain segments, banks and new challengers are rapidly integrating eKYC into their processes to offer customers an improved onboarding journey
Industry experts analyse how financial crime dynamics and cybercrimes are becoming more sophisticated with digital disruption and share their views on what banks could do to address the alarming issue
Pressure on margins from increased competition and compliance requirements is forcing the industry to recalibrate its trade finance offerings. While institutions know that trade digitalisation is important for the future of the business, success relies heavily on deeper coordination and collaboration between the myriad participants in the trade finance ecosystem and technology enablers
Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.
Driven by competition and rapid disruption, banks increasingly spend on technology enabled models targeted to improve customer experience and service capability. What are the recent developments and top priorities of banks in 2018?
Losses from cybercrime has increased sharply as ransomware incidents soar, ‘cybercrime as a service’ provides greater access and new threats emerge, forcing banks to implement multilayered and stronger technology enabled IT risk and security frameworks.
Cyber-threats have become increasingly complex, inflicting high monetary and reputational damages to institutions that, despite various measures, are forced to plan “catch up” to the advanced technology of criminals. As regulators expand advisories, the institutions now need stronger multi-layered cyber-resilient initiatives.
Spurts in prices of cryptocurrencies and initial coin offerings over the last two years, with start-ups raising millions in minutes, have raised excitement and regulatory attention amid fear of “bubble” and potential losses.
Investments and interest in distributed ledger technology have been rising rapidly as new use cases emerge to harness its potential. The technology is nonetheless still at an early stage with many hurdles to cross, possibly five to seven years away from mainstream adoption.
Robotics, enabled by artificial intelligence and machine learning, is proving to be a game changer that can bring unique operational efficiencies to the financial services industry.
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.
Competition is forcing banks to improve the digital experience of their customers. Banks are focused on investing in mobile technologies, data analytics, security and cloud computing.
Shinhan Bank has launched Korea’s first full service biometric-enabled and unmanned smart digital kiosks that allow customers to do financial transactions through real-time video interaction without the need to visit a physical branch.
Regulators in Asia Pacific such as Indonesia's OJK are actively planning for measures to promote the growth of fintech in the region.