The Rise of Neobanks in Asia
With smartphone adoption in Asia higher than banking penetration and set to increase further, this offers banks a major opportunity for market expansion, and they can thrive in this environment. But their success will rely on a full understanding and savvy use of cloud technologies to stay ahead of the competition.
Today’s banking environment is vastly different from what it was even a decade ago as traditional, longstanding institutions operate within a landscape comprised of a rising class of online-first ‘neobanks.’
To keep pace with these tech-forward entrants, a growing number of traditional banks too are looking to embrace the cloud, to help them adopt the traits of the market’s online leaders, and become more flexible, agile and capable of constant innovation.
In this article, we bring our attention to today’s changing banking environment as we see a rising class of online-first ‘neobanks.’ This article explains:
- how banks can lead the digital banking revolution
- drivers of consumers changing expectations of banking services
- various factors that contribute to a better performance by banks and the characteristics these high performing banks share