Amid social distancing and lockdown, the shift towards digital banking has been accelerated in the APAC region. Pandemic has forced banks in the APAC region to maximize digitalization efforts to reduce the risk of complacency.
According to the reports from Backbase and IDC, it is expected that 55 traditional banks, 20 banking challengers, and almost 40 Fintech firms based in the Asia Pacific region will experience a crazy rise in innovative financial services and digital platforms.
The report also suggests issuing new banking licenses in the years to come. With this in place, banks will have to dig in deep and explore technologies that could transform their legacy systems. The agenda now is to have an agile, responsive, and digital banking platform.
Banks should now concentrate on providing a seamless and personalized experience to their audience/customers.
What Is Expected Out of The New Normal of Banking?
VIRTUAL BANKING
Exceptional customer experience and brand loyalty is the only key that banks need to adapt to shine out. This can be met by understanding customer’s pain points and serving them with products/services at the right time and right place.
Virtual banking is the new normal these days. The respective regulators in China, Hong Kong, Singapore, and South Korea have already started setting up the infrastructure that takes care of virtual banks.
On the other hand, traditional banks are moving to digital banking strategies in the race for digital supremacy and a competitive edge.
The digital financial services have benefited the most during such challenging times. It’s almost a decade now since Asia Pacific banks have transformed themselves to cater to audiences by providing tailored solutions on the go.
Virtual banking will create a much more inclusive environment for delivering end-to-end digital financial services.
