It is a challenging time for Retail Banks who have only now started to recover from the aftermath of the pandemic and are now facing an economic crisis. The Russia-Ukraine conflict has resulted in an unprecedented rise in inflation and tightening of monetary policy across the world with a potential for a mild recession or stagflation.
A new global economic order seems imminent and innovation has to be a critical component in the strategy for the banking industry. Innovation here not only means creating the ‘next big thing’ but also means modifying products, services or processes which create value.
This white paper aims to share with you some of our insights on the top five retail banking trends likely to be adopted by financial Institutions in APAC.
Embedded banking bridges the gap between financial services and end consumers and makes access to financial services faster and hassle-free manner without going to the bank.
Shift to the Cloud
Legacy technology is not only challenging to upgrade regularly but also costly to maintain. The customer experience even after so much effort may be sub-par. Cloud computing solutions will improve the speed of operations as well as increase the capacity to scale.
During the pandemic customers became increasingly digital and connected and now expect a hyper-personalized customer experience. As a next step the customer is looking for lifestyle and contextual experiences.
Banking-as-a-Service (BaaS) Approach
BaaS essentially creates new revenue models for banks by leveraging their
existing investments. In BaaS, licensed banks integrate their digital banking services into the products of non-banking services. BaaS should not be confused with embedded finance as it is broader in scope.
After the pandemic the customer are looking for more human interactions. Personalized and digital self-services are a good step forward but they need to be blended with a human touch.
About the author
Ravi Bhutra is a Principal Solutions Consultant at Temenos APAC and the Retail Banking domain lead globally. He is based in Singapore. Prior to this, he has worked extensively in the Banking Sector, with a decade of hands-on experience in Branch Management, Relationship Management, Front Office, Retail Operations, AML, Compliance and Trade Finance. He moved to Presales over 18 years ago and has been with leading core banking providers globally for channels, retail and corporate banking, as well as wealth management.