Digital-First Financial Services: Turning the Tide on Disruption
Just a decade ago, financial institutions made up 96% of the total market value of the Top 500 global banks, payments and fintech firms. Now, conventional banks account for a little over 70% of the total market value, with fintech firms like Ant Group and PayPal making up 11% and growing.
In Southeast Asia, incumbent banks and financial services firms are adopting major strategies such as banking the unbanked, shifting traditional banking to digital, banking/insurance-as-a-service, and super-app strategies.
With fintech and insurtech players muscling in, coupled with millennials' lack of affinity to existing banking and insurance brands, what does it all mean to the traditional business model of financial institutions? How can incumbents fight back and stay a step ahead of the competition while staying in line with the increased regulatory oversight of regulatory watchdogs?
In AIBP’s 2021/22 ASEAN Enterprise Innovation Survey, 27% of respondents indicated that digital transformation in their organisation is focused on new business opportunities, innovation, and product enhancements, while 21% indicated that efforts are focused on customer centricity and personalisation.
Join us in this ASEAN focus discussion as we seek to explore what digitally forward financial services have in common to turn the tide against the disruptors and remain relevant today:
• Reviewing ROI of Tech Investments: What Disruption Means to ASEAN Financial Institutions
• The Value of Trust: How Financial Services Can Capitalise on their Most Valuable Asset through Digital Transformation
• Transforming Beyond Traditional Business Models: Collaborate and Compete
• Survival Kit: Data Driven, Differentiation, Speed to Innovate