Emerging Digital Finance

According to the survey from McKinsey, adoption of digital banking in emerging markets has caught up with that in developed markets. Between 2017 and 2021, the share of consumers in Asia–Pacific emerging markets actively using digital banking increased sharply, rising 33 percentage points from 54 percent in 2017 to 88 percent in 2021. The level of digital adoption among consumers in developed Asia–Pacific markets has remained stable at approximately 90 percent.

The shift to digital banking has happened quickly and was likely accelerated by existing trends—such as increasing use of digital channels for diverse transactions, including banking, and broader use of teleconferencing/video calls in place of face-to-face meetings—that have intensified during the COVID-19 pandemic. Survey results suggest that the high levels of digital adoption are likely to hold as the pandemic subsides.

As Asia-Pacific consumers turn increasingly to digital channels to manage all aspects of their finances, incumbent banks must weigh carefully the strategic questions above and chart their course forward. To thrive in this increasingly dynamic market, each bank will need to build (or acquire) the technology, talent, and ways of working that will enable it to scale distinctive and relevant innovations quickly and at low cost.

As such, we've invited Gloria Soo, Founding Partner of Almond Tech Pte. Ltd. based in Singapore as she walk us through the significant relevance of Financial Technology solutions to our digital economy.

https://www.almond-tech.com/

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