EVENTS: ABF RETAIL BANKING CONFERENCE
DBS, EY, Mox and more on how data, digital are the future of banking Over 100 banking and finance professionals attended the ABF Retail Banking Digital Conference.
I
n building a resilient, futureproof bank, leaders must seek ways to drive insights and be open to cooperation--even with their new-age competitors. Finance leaders and industry experts discussed ways on how banks can drive and use datadriven insights in order to thrive in the era of digital disruption during the ABF Retail Banking Digital Conference hosted by Asian Banking & Finance on 22 April. Over a hundred attendees from all over Asia participated in the event. The past few months saw the use of digital banking and financial transactions surge, pushing the region close to a cashless economy. A surge in the use of digital for financial transactions was observed, pushing the region closer to a cashless economy. This trend is expected to continue 36 ASIAN BANKING AND FINANCE | Q3 2021
amidst an era of innovation in cross-border remittances, lending to underserved segments such as small and medium enterprises (SMEs), and people refused by traditional banks, says EY regional managing partner for ASEAN Nam Soon Liew, in his opening forum that gave the attendees a rundown of trends and updates in the region’s digital banking space. Amidst tough competition, lenders and financial players who effectively use tech to refine their offerings will be the ones to clinch clients--especially at a time when the plethora of options meant that individuals have become pickier with their expectations. “Customers demand better user experience, lower fees and higher returns. This segment is traditionally served by the incumbent banks. But now, digital banks and insurers are targeting
Banking customers are now demanding better user experiences, lower fees, and also higher returns.
this segment, and fintechs and big tech are also addressing specific pain points,” Liew further noted. Incumbent banks are not standing still, however, with the leading banks embarking on acquisitions and strategic partnerships. “We are now seeing incumbents do the same and move beyond just digital transformation efforts. This competition is therefore driving greater value and choice to customers,” Liew added. Driving digital transformation Driving digital transformation is especially important, given that for the newer generation— notably the millennials—banking through a mobile platform or through the web is the default, says Marouen Zelleg, senior director at Outsystems. But building a modern web or mobile application has its
