Banking Technology

Maybank’s Thilan Wickramasinghe reveals contrasting strategies employed by banks in the region and the impact of technological trends on the sector.

Digitalisation shouldn’t just be limited to processing automation – it can significantly  improve customer experience.  

In November, Singapore’s National AI Office (NAIO) collaborated with the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Office (SNDGO) in a programme to strengthen AI capabilities within Singapore’s financial sector by providing financing and access to government data. In fact, even before the pandemic, the financial services industry has already been witnessing an acceleration in digital transformation. 

Banks are now compelled to up the ante to compete with fintechs who have grown wise in leveraging data.

Covid-19 has driven large-scale growth in online banking, dramatically increasing the volume of sensitive customer data that’s available to steal. 

While the impact of Covid has been hard felt by the financial services industry both in Asia and globally, the resulting challenges have provided the stimulus for long-overdue innovation and digitisation when it comes to the technology banks rely upon to do business.

With its pioneering investments in technology and cybersecurity, Sacombank provides unmatched convenience and security for its clients.

And Barclays opens Glasgow campus.

It’s a mixed bag for most SEA markets, but regulator support illuminates the future of open banking.