Financial institutions are accelerating the use of artificial intelligence, but they need to address key data challenges in scaling capabilities to develop the right technology framework, while also adhering to compliance requirements

Despite economic headwinds, banks leveraged advanced technologies and a customer-centric approaches to drive balanced growth, with customer engagement, financial inclusion, and ecosystem development emerging as key strategies

According to a TABInsights survey on technology investment, FI in APAC prioritise data management, advanced analytics and digital banking capabilities

Banks and other financial institutions in China are quicker to adopt new technologies to improve core banking infrastructure, strengthen lending, and enhance compliance

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 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.

Nubank has reported its first full-year profitability since its launch in 2014. Nearing 100 million customers, the bank has set new benchmarks in revenue