The world is going through considerable change and APAC is not missing out. Banks within the region have grown to be extremely competitive over the decade and might have even outperformed their global peers by a huge margin.
Rise of Real-Time Capabilities
According to the IDC InfoBrief report entitled “How banking has changed for good: Becoming an intelligent financial services player”, banks in the APAC region are rapidly digitalizing their processes and rethinking their businesses. In fact, the study revealed that 70% of banks in APAC will adopt real-time payments by 2022. This pushes the need for banks to improve their real-time capabilities in order to allow for improved contextual marketing, risk management, fraud management, and product offers.
Boost of Workforce in Investment Bank
As banks ramp up their digital activities to meet the evolving needs of customers, this will also result in a boost of hiring in wealth management and investment banking. For instance, Bloomberg has reported that UBS Group AG has plans to bolster the most senior ranks of its investment bank to drive growth of coverage areas where it’s seeking to be more competitive.
Partnerships Will Be Essentials
Gone are the days where banks operate alone. In Accenture’s study on the Top Commercial Banking Trends in 2020, it said that data and integration options allow for a strong and rich ecosystem to be constructed. This will help banks “differentiate products and provide customer-centric services – which is key to the success of a bank as the industry evolves.
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