Asia-Pacific Banks Battle Big Tech in Race to Digitize Banking

The Economist Intelligence Unit (EIU), on behalf of Temenos, surveyed 405 global banking executives on the changes they see taking place in their industry to 2020 and 2025, their organisational response, and the longer-term impact on their strategic development. This focuses on how these retail banks are incorporating and advancing technology delivery for their current and future customers.

The survey is part of a global research programme on retail banking, which includes in-depth interviews with retail banks, fintechs, and regulators from North America, Europe, Africa and the Middle East, Asia-Pacific, Latin America.

Find out what banks like Nordea, Nationwide Building Society, Varo Money, Volt Bank and Vancity, amongst others think about digital banking, innovation strategies and investment focus.

In addition to the global EIU report, we have published an APAC specific report, looking at banks within the region. Key highlights include:

  • New technologies like AI, machine learning, and blockchain are viewed as the dominant trend that will have the biggest impact on retail banks by 2025
  • Technology and e-commerce disruptors such as Google, Alibaba and Apple are considered the biggest threat to banks (32%), followed by payment players such as PayPal, Ripple and Alipay (28%) and Neo-banks such as Volt Bank, Varo Money and Monzo (25%)
  • Mastering digital marketing and engagement is the top strategic priority for banks by 2020 (37%), while migrating client usage to digital from physical channels is the top priority by 2025 (29%)
  • The main concerns about open banking are the ability to capture customer data (34%) followed closely by a third-party relationship vulnerability being exploited (31%) and an inability to protect against cyber-attacks (31%)

Download the Report