Today, big tech players are leveraging vast amounts of data through online ecosystems to offer a seamless digital experience to customers. This presents a major challenge for banks, especially incumbents, as a number of digital-savvy customers and corporations – large and small – are shifting their attention to companies that provide, not just better banking and financial services, but a diverse range of other products and services all on one digital platform.
The Singapore Business Review highlighted that 8 out of 10 banking customers considered having an account with a branchless bank, with many open to moving at least 35% of their assets into a digital wallet. Accenture’s 2018 survey of 240 companies across the Asia-Pacific region had 39% of SMEs and 43% of large corporations saying they already participate in open banking ecosystem platforms. Their top 2 motivations were gaining access to innovative banking services (25%) and reducing the complexity and implementation costs for bank connectivity (23.5%).
In satisfying customers’ demands for convenient access through digital channels, reduced costs, and innovative services, banks have been lagging behind other entities in the same game. Automation, AI and advanced data analytics are helping companies to jump ahead in the curve, offer personalised user-experiences and capture new revenue pools. If banks have not seriously begun the process of digitisation, they better get a move on fast to stay relevant, competitive and growing.
Join us at the Digital Banking Summit to sit with professionals from banking, finance and tech-related industries to discuss about how the banking sector can take advantage of the coming digital age. It’s high time now for banks to embrace the digitisation trend and reconsider long-term, profitable strategies for the road ahead. This will mean investing in all the digital talent, data acquisition, analytical tools, and automation necessary to create wide-scale, productive business for banks of the future.
WHY YOU CANNOT MISS THIS EVENT:
- Develop an efficient business strategy to fully digitise banking operations, functions, and services
- Collaborate with the right companies to increase scale, business expansion, and revenue growth
- Leverage the data of non-banking entities to create highly customer-centric products and services
- Adopt AI, API, automation and cloud computing to streamline organisation functions.
- Develop risk-scoring models based on data analytics to accurately assess different market segments
- Understand regulators’ restrictions for setting up a digital bank during the initial stages of operation