Twimbit Research Insights
Traditional banks in Asia Pacific are undergoing intensive digital transformation, prompted by pressures from non-traditional players encroaching upon the industry. There are three distinct trends that are impacting the future direction of the leading banks in the Asia Pacific, namely, the looming competitive threat from fintech and big tech, the entry of digital only banks, and the regulatory initiatives such as open banking forcing banks to share their data with new entrants.
While the new age banks are leading by technology to offer superior end user experience, the incumbent banks are yet to draw level with the new growth opportunity technology is presenting to the industry.
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