Commitment to innovation key to differentiation and growth of digital banks amid stiff competition

    Also watch on:
Podcast available on:

Senior executives and heads of digital banks across Asia Pacific discussed how innovation across service offerings and embracing a culture of transformation is key to growth and profitability, amid heightened competition.

With more challengers entering markets, digital banks can differentiate themselves with the technologies brought in and how efficient data is used to enhance stickiness of products.

Kevin Lam, head of TMRW and Group Digital Banking of UOB; Bryan Carroll, CEO of TNEX; Gunneet Singh Bally, senior vice president and group head of retail channels of Security Bank Corporation; Voranuch Dejakaisaya, executive chairman of Kasikorn Business Technology Group (KBTG); and Nick Wilde, managing director in Asia Pacific at Thought Machine discussed the profitability of a digital-only business and how cloud-native technology stack help banks and financial institutions (FIs) build the operating models of unique experiences.

Carroll said the main competitive advantage of digital banking is the ability to sum up all customer interactions, and the opportunities for value propositions. Bally discussed the increase in products and services offered due to “commoditised personalisation.” Lam talked about the need for close partnership and collaboration in the industry. Voranuch explained the process of innovating into the new digital core banking to support the digital requirements of today’s marketplace. Wilde said all banks are digitising but the differentiator is innovation data-centricity, and how banks utilise data using technology.

Key discussion points:

  • Personalisation is important to sustain profitability of digital banks, as it creates better insights to customer preference.
  • Digital banks are at a disadvantage when it comes to balance sheet and funding.
  • Forging close partnerships and collaboration within the ecosystem through understanding each other’s culture.
  • Banks can leverage partnerships in the ecosystems
  • Focusing more on mortgages and home loan systems
  • Bank needs commitment to innovation to sustain profitability

Search

View Past Sessions View all

Image
Payments Modernisation: Fulfilling the promise of speed, transparency and sustainability

In this RadioFinance virtual roundtable, leaders and practitioners will discuss the latest trends in payments transformation and delve into different opportunities to create a more sustainable, customer-centric and profitable business.

Image
APAC banking outlook to remain stable with China reopening amid ongoing inflation…

Chief economists and industry experts deliberated the outlook for global and regional economies in Asia Pacific, the dominant trends and challenges to look out for, the effects of inflationary pressures, geopolitical instability, and the…

Image
Composable designs are the future of banking architecture, allowing to build…

In this RadioFinance session, we will discuss how banks and FIs are redefining business models to be more inclusive, innovative, and resilient to volatile market conditions for SMEs. It will also highlight the challenges and opportunities…

Image
Edge finds use cases in retail and branch banking transformation

Technology practitioners and experts Colin Dinn, chief information technology and digital transformation officer at Vietcombank, Supriyanto Supriyanto, senior vice-president, strategic, architecture and planning at Pegadaian, Andreas Spanner…

Image
Opportunities for banks in the MSME sector through open finance and partnerships…

Senior executives and industry experts from some of the leading financial institutions, fintech players and technology providers in Asia shared their insights on the next phase of digitising MSMEs in the evolving internet economy and discussed…