WeBank, the digital-only bank subsidiary of Tencent, has emerged as an industry leader due to its scale, profitability and innovation
Digital banks in Asia Pacific witnessed improving overall profitability in FY2019. Although some digital banks’ net profit in FY2020 has been affected by COVID-19 pandemic, their growth outlook remains optimistic.
The inaugural BankQuality™ Consumer Survey and Rankings in the Middle East interviewed 3,000 customers in three key markets in the region on their engagement, experience and satisfaction with their main retail banks.
The year 2020 ushered in a new era of operational change and disruption that will directly impact the regulatory response and business models of financial institutions for years to come.
After a tumultuous, often unpredictable and norm breaking term under the Trump Administration, what can Asia and the world expect from the US under incoming President Biden?
The bank capitalises on open ecosystems to maintain leading position in active digital customer base, and holds a leading 10% share of China’s private wealth market, 43% higher than the second placed player. It also ranked first in China in the net promoter score (NPS) based BankQuality survey
Financial institutions are exploring new initiatives for greater transparency in AI owing to concerns regarding potential bias and fairness in its decision outcomes. .
Until the pullback in early September, the S&P 500 has climbed almost 25% in 2020 outstripping other sectors. This points to an uneven K-shaped recovery where some parts of the economy such as technology, retail, software services and other growth sectors may recover and grow faster than others.
United Overseas Bank (UOB) increased retail banking income contribution by 15% as the financial industry grapples with digital advancement. The bank leveraged its omni-channel customer engagement model which helped grow retail deposits by 7% year on year. The bank continued to invest in digital transformation and innovation which resulted in 96% of all transactions being conducted digitally in 2019.
Central banks are undertaking extensive work on digital currencies to improve the cost, security, speed and reach of transactions to eventually accelerate the growth of cashless ecosystems, with the Chinese central bank seemingly ahead
The Asian Banker Finance China 2020 Conference on 28 August addressed the evolution of global trade and supply chains, as well as how China’s financial services industry need to transform itself, manage innovation and accelerate structural reform in a post-COVID world
At the International Heads of Retail Finance Virtual Meeting on 28 August 2020, leaders from over 22 institutions in Asia Pacific, the Middle East and Africa, discussed key trends and issues impacting the industry. The rise of digital only banks, integrating lifestyle and finance through digital platforms, and improving customer experience were at the forefront of the dialogue.
The inaugural BankQuality™ Consumer Survey and Rankings interviewed 11,000 bank customers in 11 markets across the Asia Pacific region on their engagement, experience and satisfaction with their main retail banks.
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