Asia’s banking customers are migrating to digital channels in force. The challenge for the region’s banks is to deliver superior digital experiences before competitors do.
Smartphones in hand, customers across Asia are changing how they bank, growing more open to exploring and using digital channels for their financial needs. This openness to digital channels will reward those banks that can meet customers’ expectations; but it also represents a challenge to incumbent banks—because customers are also expressing a willingness to bank with non-traditional players such as fintechs and nonbanking payments players. Incumbent banks need a response to this changing landscape if they are to remain relevant and sustain growth.
The insights in this report are based on McKinsey’s Asia Personal Financial Services Survey, which addresses changes in customer behavior, reflecting themes like digital banking and the use of fintechs or nonbanking payments solutions. Conducted every three years since 1998, the most recent survey covered about 17,000 respondents in 15 Asian markets.
Above excerpt from McKinsey’s website.