Post by account_disabled on Dec 24, 2023 5:18:58 GMT -5
Jim Whitehurst, IBM Chairman, said: “We are at a time of great change. Thanks to technology, the changes around us continue to proceed at an ever-increasing speed. This is despite the recognition that the current nature of banking operations in Asia Pacific is slow to change. But the factors that can dramatically transform the bank are emerging quickly.” One such factor is the regulatory authority issuing various licenses related to digital banks in the region. For example, last year the Hong Kong Monetary Authority issued 8 virtual banking licenses.
Licensees include Ant SME C Level Executive List Services (Hong Kong) Limited, Ping An OneConnect Company Limited, Tencent's Infinium Limited, and Insight Fintech HK Limited.[1 ] of Xiaomi, depending on the policy of each country. Such licenses may be granted to licensees who have not previously been in the banking business. (Non-banking) can carry out some activities like a bank, such as accepting deposits from retail customers. and providing loans to various businesses. The fact that these companies do not need to have a branch location It is also referred to as online-only, virtual banking or neo-bank. Examples of virtual banking in the region that are already open include TenCent's WeBank in China[2] and Kakao Bank in South Korea.
These new players and fintechs are raising customer expectations for banking services. Recent Forrester research found that 77% of banking customers in Asia Pacific prefer to interact with service providers. More of their financial services are available on digital channels, especially in countries with high mobile penetration such as China, India, Indonesia and Thailand. Almost 3/4 also believe they should be able to conduct any financial transactions. can be accomplished on mobile devices. Traditionally dominant banks in Asia Pacific are looking to manage change. mentioned above They also need to pay attention to their IT infrastructure. This is an important part that helps support and make the bank's various business models work smoothly.
Licensees include Ant SME C Level Executive List Services (Hong Kong) Limited, Ping An OneConnect Company Limited, Tencent's Infinium Limited, and Insight Fintech HK Limited.[1 ] of Xiaomi, depending on the policy of each country. Such licenses may be granted to licensees who have not previously been in the banking business. (Non-banking) can carry out some activities like a bank, such as accepting deposits from retail customers. and providing loans to various businesses. The fact that these companies do not need to have a branch location It is also referred to as online-only, virtual banking or neo-bank. Examples of virtual banking in the region that are already open include TenCent's WeBank in China[2] and Kakao Bank in South Korea.
These new players and fintechs are raising customer expectations for banking services. Recent Forrester research found that 77% of banking customers in Asia Pacific prefer to interact with service providers. More of their financial services are available on digital channels, especially in countries with high mobile penetration such as China, India, Indonesia and Thailand. Almost 3/4 also believe they should be able to conduct any financial transactions. can be accomplished on mobile devices. Traditionally dominant banks in Asia Pacific are looking to manage change. mentioned above They also need to pay attention to their IT infrastructure. This is an important part that helps support and make the bank's various business models work smoothly.