Commentary

The Next Pedestal of the Payments War for Banks and FIs: Buy Now Pay Later

Buy Now Pay Later (BNPL) has seen remarkable growth in recent years and is on track to achieve a global market value of US$700b by 2023. This 90% compound annual growth rate (CAGR) reflects the growing penetration of this simple transactional instrument—consumers purchasing a product now with the agreement to pay for it later.

The Next Pedestal of the Payments War for Banks and FIs: Buy Now Pay Later

Buy Now Pay Later (BNPL) has seen remarkable growth in recent years and is on track to achieve a global market value of US$700b by 2023. This 90% compound annual growth rate (CAGR) reflects the growing penetration of this simple transactional instrument—consumers purchasing a product now with the agreement to pay for it later.

Accelerate the digital banking evolution and move ahead of the curve

The roadmap to success for many organizations has been defined by digital transformation. However, since the Covid-19 crisis started, organizations across many industries had to accelerate and redefine their plans to keep pace with the dramatic changes in the business landscape.

Open Banking Set To Transform The Finance Sector

There is a revolution going on today in the banking industry. Those bastions of privacy and money management are doing the unthinkable - with consent, they are sharing their customer data with approved third parties. In the past, banks jealously safeguarded their clients’ information. That is what clients expected of them, as well as it being a regulatory obligation. Today, they are making this information available to other players in the financial services arena, creating an unprecedented financial ecosystem built around making their Application Programming Interfaces (APIs) available to approved third parties.  

The Dawn of Open Platforms in Capital Markets

The past decade has witnessed incredible innovation in global capital markets, and the rapid pace continues. Regulatory changes designed to seek risk mitigation and boost transparency as well as enhance asset stability have drastically changed the economics of capital market technology demands and business models.

Secret Sauce for the Banking Industry

According to Singapore’s largest bank DBS, the volume of cash deposits and withdrawals fell by an unprecedented 11% in the first 3 months of 2020, a 6% fall from where the figure had been since 2017. Coupled with extraordinary growth in the adoption of e-payments, it’s safe to say that COVID-19 has altered consumer behaviour—and fast. 

Global banks on a hiring craze as they vie for rich Asians’ assets

HSBC, Goldman Sachs, and Citi are all eyeing a piece of the region's trillion-dollar financial market.

How to Build for the Next Era of Financial Services

For years, banks treated online banking as an afterthought. A website and a mobile app were necessities, but creating a digital channel that fully serviced customers wasn’t a priority. When COVID-19 struck, customers of all demographics completely switched to online banking -- and most won’t go back. Digital banking is no longer an additional channel. From now on, digital is the default.

Alternative Benchmarks for the New Normal

 Latest Trends in LIBOR Transitions in Japan

Why you must know the robust growth of agent banking in Bangladesh

Agent Banking is getting more popular in the rural areas of Bangladesh. More number of agents and outlets are seen these days as their numbers have grown by 15.69% and 12.59% respectively in September 2020 compared to September 2019 even amid COVID-19, according to data from the country’s central bank, Bank Bangladesh (BB)

Making Better Decisions in Digital Banking - The 11 Commandments

BY AASHISH SHARMA, risk lifecycle and decision management lead for FICO in Asia Pacific.

Even with the arrival of the digital banks, don't write off the incumbents

Much has been written about the likely death of incumbent banks in the face of coming competition from neobanks (or digital banks) soon to be launched in Singapore, that will be more nimble and agile, have more streamlined processes and lower cost overheads, be free of any legacy (in the form of infrastructure, and mindsets) and give customers exactly what they want.

Standing Out with Invisible Payments: The Banking-as-a-Service Paradox

Banking-as-a-Service, or more commonly known as BaaS, is an end-to-end process that enables third parties to directly connect with banks  systems so they can build products on top of the banks’ regulated infrastructure. The reason BaaS is a big deal today is that it makes it far easier for anyone — from start-ups to multinational enterprises — to create seamless, scalable payment experiences across and within borders.

Adapting to the New Normal: A Response to COVID-19

It is fair to say that financial institutions have, with technology, largely succeeded with stopgap measures in the initial drive to adapt to the new normal of the “After COVID-19” (AC) world. Celent released the results  of its global survey at a digital event on April . Of course, financial services depend to a large extent on country-specific regulations, business practices, and consumer behavior. Likewise, the impact of the COVID pandemic and its effect on financial technology will vary by region and depending on how the pandemic plays out in different places.

Harnessing the power of AI to accelerate financial inclusion

There is a popular analogy comparing artificial intelligence (AI) to electricity. Just like the role of electricity during the second industrial revolution, AI has the same potential to greatly transform how industries function and benefit humankind. However, this analogy in my opinion is over-simplified. The power of AI is much harder to standardize and harness, and it requires a far more collaborative effort to bridge existing gaps between academic research and solving real-world problems.

Opening a new chapter in Asia's digital banking boom with e-KYC

The World Bank estimated that over 1.7 billion individuals remain unbanked today. The trend is reflected in Southeast Asia, where more than 70% of its adult population is either underbanked or unbanked, despite being one of the world’s largest and fastest growing regions, according to a study by Google, Temasek, Bain & Company on Asia's digital financial services.

Singapore banks set to fast-track digital transformation due to COVID-19

The COVID-19 pandemic forced Singapore banks to change tack in order to meet social distancing and work from home requirements. However, it didn’t stop financial crime. Since the pandemic, there has been a significant increase in COVID-related fraud, with criminals engaging in telephone fraud, phishing scams, and even developing fake websites for personal protective equipment (PPE) – only recently a Singapore man was arrested for suspected involvement in money-laundering offences linked to a Covid-19-related scam.

COVID-19 Impact on FIs' IT Plans in Japan and APAC

In the transitional period from the unprecedented emergency to the new normal, the Japanese and APAC financial institutions have stepped up their countermeasures.