Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

Fintech innovation, a large populace of unbanked, digital savvy millennials, instant payments, micro payments, mobile or e-wallets, artificial intelligence (AI) and contactless payments are burgeoning in the region. Nothing is as it was. Regulation is also supporting the market shifts.

Banks must evolve their core and focus on delivering a faster, seamless omni-channel customer experience in what will only become a more competitive market. This Tech Research Asia (TRA) report outlines the key payments trends that banks and payment service providers (PSPs) must address to win by 2020 and beyond. We’ve also included a handy checklist at the end of the document for banks and PSPs.

Key points:

Rapid change to real time to continue. Everyone wants and expects real time payments (both international and domestic) across Asia Pacific. Banks and PSPs with platforms that enable this to happen will find themselves in an advantageous position and will also be in a better position for open banking ecosystems.
Changes in customer demographics and behaviours to accelerate. Across Asia Pacific consumers want a great payment experience that is secure, seamless, and convenient across whatever channel or device they want to use, wherever they are. Younger generations are driving and embracing payments innovation, but older generations are also changing. The unbanked are also going digital and mobile to access basic financial services.
APAC will give birth to more new payments technology innovations than anywhere else by 2020.Users in the region also have an appetite and willingness to adopt new ways of paying. AI, open banking and the API economy, predictive analytics, mobile and contactless, blockchain and crypto currencies will all help further accelerate innovation as more providers jump into the payments’ industry.
Great customer experiences coupled with security and convenience will be the key differentiator.Banks are urged to embrace technology advances and re-examine their core processes and business models to win customers and to monetize new revenue opportunities.

download report

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

For the past ten years, Temenos has conducted a comprehensive banking survey, covering areas such as banks’ IT priorities, their challenges towards implementing a digital strategy, their view of the competitive environment and attitudes towards FinTech innovation.

Because the questions posed are largely consistent from one year to the next, our survey tracks how trends and attitudes have changed over time. Moreover, because the respondent sample is highly diverse, both in terms of types of banks and geographic location, the results give a broad view of banking sentiment.

For this year’s survey, we interviewed 248 senior bankers. The interviews were conducted over 3 days at the Temenos Community Forum (TCF 2017), which was held in Lisbon, Portugal. The report was produced together with Accenture, a leading global professional services company.

As a thank you to respondents, we made a donation for every completed survey to the Global Fund for Children.

download white paper

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

To more clearly understand the impact and needs for these developing technologies, Ovum and Temenos partnered to undertake a major research project in Q2 2017. This survey looked at the different priorities, perceptions and plans of both corporates and banks in countries that have implemented real-time payments and those that have yet to do so, asking them questions related to not only real-time payments but also liquidity management while touching on their Open Banking and AI needs and plans.

Ovum interviewed 100 corporate treasurers globally to understand the current dynamics and pain points of their role in 2017/18 as well as their requirements around new services from their bank partners. In parallel, and to understand the degree to which corporate banks understand and are aligned with these needs, Ovum also surveyed 100 corporate banks to gain insight into their own investment and product development roadmaps.

This report by Ovum and Temenos, provides insight into the priorities and attitudes of today’s corporate treasurer and shows where the banks that service them need to invest in order to satisfy their needs – both now and into the future. Download your copy of the survey report to find out:

Real-Time

Where real-time payments has already added value to corporates?
What level of financial crime risk real-time payments exposes to banks?

Liquidity management

Which top challenge for corporates has risen from 1% in 2016 to 13% in 2017?
How many corporates are now willing to change service provider vs 2016?

Emerging corporate banking technology

What are corporate banks’ views on the impact of open banking?
What AI techniques corporate banks will be offering in the next 18 months?

download report

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

Executive Summary

What will become of the nuns, the homeless and Bank of England governor Mark Carney as retail banking goes fully digital?

Since the 1970s, Banco Popular of Spain has relied on unique contracts with the Catholic Church for nuns to supply back-office support. Digitalization, email and apps may render their non-spiritual roles obsolete.

And in the Nordic region, cash is fast becoming a rarity. Banks no longer worry about germ-laden banknotes and robbers equipped with guns. But how do you give money to the homeless if physical money no longer exists? Luckily, Denmark’s MobilePay has an app for that.

What if fiat money disappears entirely? Will Bank of England governor Mark Carney be made redundant if cryptocurrencies become the norm? No, but government-sanctioned e-currencies are a real possibility.

The 4th Annual Economist Intelligence Unit global retail banking report finds an industry in flux, but more certain about its future.

In previous years, banks feared that FinTech firms would steal all their lucrative business lines. But domination is harder and more expensive than assumed. Fully automated banking may never happen. Although retired investors love Skyping their grandchildren, they do not want to talk finance with a chatbot.

So incumbents and FinTechs must learn to mix old and new. Collaboration might even make us love our banks.

download report

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

For the past nine years, Temenos has conducted a comprehensive banking survey, covering areas such as banks’ corporate and IT priorities, their challenges, and their view of the competitive environment.

Because the questions posed are largely consistent from one year to the next, our survey tracks how trends and attitudes have changed over time. Moreover, because the respondent sample is highly diverse, both in terms of types of banks and geographic location, the results give a broad view of banking sentiment.

This year’s survey canvassed the opinions of 235 senior bankers (see the breakdown in the appendix) who attended the Temenos Community Forum in Barcelona (TCF 2016) and the results are presented in association with Capgemini, a global leader in technology, consulting and outsourcing services.

Download the white paper today to find out more:

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

The role of the corporate treasurer, and the banking services they need to meet their responsibilities, have changed fundamentally since the financial crisis.

In the face of instability and uncertainty in most areas of the operating environment, treasurer needs have grown more quickly than the improvement in corporate banking services. Bridging this gap is becoming increasingly challenging for treasurers.

In order to more clearly understand the operational issues facing today’s corporate treasurer, as well as the areas in which there is greatest need for banks to enhance their service offerings, Temenos commissioned Ovum to undertake a major research project in Q2 2016.

A key part of this research is Ovum’s Corporate Treasurer survey. In field through Q3 2016, Ovum interviewed 200 corporate treasurers globally to understand the current dynamics and pain points of their role in 2016/17 as well as their requirements around new services from their bank partners.

This report provides a clear insight into the priorities and attitudes of today’s corporate treasurer across the four key pillars of responsibility that define the role:

Cash and liquidity management
Forecasting and analytics
Risk and compliance
Cost and operational efficiency

Download the white paper today to find out more:

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

In general, Africa is the most vulnerable and currently the most affected by financial crime in comparison to any other continent. According to PWC’s Global Economic Crime Survey 2016, reported ‘economic’ crime has gone up by 7% in Africa over the last 2 years (to 57% against a global average of 36%). And KPMG’s AML survey1 listed Africa as having the lowest satisfaction rate in terms of its transaction monitoring system. There has therefore never been a more important time to have a full understanding of this issue and review existing systems to ensure the areas most open to abuse are addressed.

Welcome to the Temenos and NetGuardians A-Z of Financial Crime in Africa. A comprehensive e-book outlining the what, why and how of financial crime within the fastest-growing continent. Temenos and NetGuardians have teamed up to compile this indispensable A-Z guide exploring the size of the issue, who commits it and, most importantly, what can be done to mitigate against it. We hope it’s thought-provoking, not too worrying, stimulates discussion, and provides guidance and reassurance for the future.

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

A great transfer in wealth from aging baby boomers to younger generations is under way, and it is reshaping the industry in ways that demand greater efficiency and adaptation byincumbent firms. The challenge: retain the loyalty of customers with changing demands in a world of greater choice.

To gain a unique view into the experiences of both clients and advisors as the wealth management industry faces change, Temenos and Forbes Insights surveyed more than 60 wealth managers and 35 High-Net-Worth (HNW) clients about the evolving banking experience.

How wealth managers communicate with their clients? What are their needs and what role technology plays?

Respondents were drawn from across the world with tree-quarters of the executives from Asia Pacific, Europe and North America.

More than half of the executives surveyed are CEOs and almost 30% are heads of asset management. 90% of HNW clients surveyed have net worth between $1.4 million and $7 million.

The Rise of Bionic Wealth outlines the key findings from the research, with commentary from executives at leading investment and private banks.

download report

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

Executive Summary

The digital revolution has moved from existential threat to potential survival strategy for the world’s retail banks. For the first time in three years, the post-crisis regulatory squeeze no longer tops our retail banking trends. Banks may not like the renewed regulatory focus on know-your-client and suitability, but they now have a more pressing draw on their resources:
financial technology (fintech).

The Economist Intelligence Unit’s previous reports reflected a somewhat defensive attitude from incumbents about the rise of non-financial sector competitors. Times change quickly, however, and banks are risking their own existence if they choose to ignore the rise of smartphones and the proliferation of real-time, low-cost competitors.

The scale of disruption is unprecedented, across every market, every distribution channel and every single product line. Fintech poses a potentially fatal risk and will be a severe test of banks’ IT systems and their ability to respond to rapid changes in customer expectations, short product development times and growing cyber risks.

download report

Is APAC’s Desire to Lead Global Innovation in Digital Payments Working?

Asia Pacific (APAC) payments markets are poised for hearty growth on the back of innovative services and influential megatrends. Payments revenue will reach US$1 trillion around 2020 in APAC – up from $0.7 trillion in 2016 – and the market will be double the size of anywhere else on the globe.

download report

For the past eight years, Temenos has conducted a comprehensive banking survey, covering areas such as banks’ corporate and IT priorities, their challenges, and their view of the competitive environment. Because the questions posed are largely consistent from one year to the next, our survey tracks how trends and attitudes have changed over time.

Moreover, because the respondent sample is highly diverse, both in terms of types of banks and geographical location, the results give a broad view of banking sentiment.
We canvassed the opinions of 201 senior bankers and the results are presented in association with Capgemini, the management consulting, technology services and outsourcing company.

This year’s survey continues to show an industry in transition: moving from its analog past to its digital future; shifting its spending priorities from implementing regulation to putting in place the right technology and people for success; confronting a competitive environment that is overwhelming dominated by new entrants; facing the slow, continued ebbing away of customer loyalty; and, increasingly acknowledging that low profitability is a structural rather than cyclical issue.

On a positive note, none of this seems to be lost on the banks, which are upping investment, especially in technology. It appears that banks recognize the importance of technology to deliver a more intimate customer experience and to counter the threat from a more competitive environment. Correspondingly, IT spending is rising, with 64% of respondents expecting an increase in budgets over the next 12 months.

Download the white paper today to find out more:

The future of banking starts here

Discover how our platform helps financial institutions navigate change, embrace new opportunities, and deliver smarter, faster banking. Together, we embrace the future of finance – Leading Banking Forward.

Contact the team

We're here to help.

Attend an event

Join us live and be part of the conversation.

Explore resources

Expert insights, guides, and news.

Newsletter sign-up

Subscribe for Temenos news, updates, events.