5 trends in Asia’s retail banking

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Lendo is particularly interested in the Asia-Pacific region, partly because its consumers are aware of the advantages of using a service like Lendo’s and there is a high level of interest in cryptocurrency as well, something that Lendo caters to with its loans service.

We’ve spotted five trends in this region that signal Lendo’s potential success in this part of the world.

1. Consumer demand is changing

Consumers want a more personalised service that understands their needs and aspirations. They are looking to the low-cost mobile banking technologies that are enabling profitable engagement with new customers in markets with low banking penetration. In Asia’s more developed markets, customers also expect 24/7 real time and seamless banking across channels.

2. Banks use more AI

Banks are increasing their use of digital technologies including artificial intelligence (AI), blockchain, chatbots, mobile apps and open APIs, to put customers at the centre of their innovation strategies and create personalized banking experiences. In particular, emerging markets are focusing on areas to drive digital transformation, according to an EY study.

3. Payments services threaten banks

New payments players are driving the shift to digital with emerging payments solutions, including mobile wallets and peer-to-peer (P2P) payments networks, slowly but steadily displacing legacy payment options and cementing themselves in the day-to-day lives of consumers. In China, for instance, Alipay and WeChat, already dominate smartphone payments.

4. Mobile banking keeps growing

This region has witnessed skyrocketing numbers of people turning to mobile banking. In 2011, for the first time in its 13-year history, the McKinsey Personal Financial Services survey found that Asian consumers were visiting branches less often than in earlier years. Meanwhile, “digital-channel usage increased by 36% in developed markets, or markets where people use digital channels more than branch and telephone banking put together, and 39% in emerging Asia,” reports Fintech News Hong Kong.

5. More modern communications

Banks are increasingly using social media platforms such as Facebook Messenger and WeChat to deliver banking services more effectively to their customers. But apart from using third-party social channels, some banks are also developing their own communication tools. UBS has partnered with Singapore’s FinChat to develop a solution that enables secured social chat communication between its clients and advisors.

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