Digital banking is transforming the traditional financial landscape. There are now (as of end 2020) 249 digital banking players globally, comprised of dynamic digital upstarts and transitioning legacy operators. Yet of those 249 players, just 13 are identified as profitable, and 10 of those top performers are located here in Asia Pacific (APAC).
To understand fascinating market, Boston Consulting Group has today launched a new report on ‘Emerging Challengers and Incumbent Operators Battle for Asia Pacific’s Digital Banking Opportunity.’ The report has been developed in partnership with LinkedIn India.
The report showcases that India financial services revenue opportunity is 6-10x that of rest of South East Asia. Indian digital banking is very digitally ready, large and a dynamic market.
The report highlights core elements of success factors are:
- Leveraging and utilising existing assets with strong brand recognition, existing ecosystem of users, and experience in adjacent areas such as e-payments.
- Building and scaling a bank through a customer-centric approach with smooth user experience, backed by scalable technology and agile governance.
- Sustaining success reliant on an agile, data-driven approach with the right product release strategy.
- Success in Southeast Asia and India
To know more details happy to connect you to Yashraj Erande, Managing Director and Partner, BCG who leads this initiative of digital banking in APAC.