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938485

Challenger Banks: New Propositions for a New Age of Finance

Published: | IDC | 34 Pages | Delivery time: 1-2 business days

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Challenger Banks: New Propositions for a New Age of Finance
Published: May 20, 2020
IDC
Content info: 34 Pages
Delivery time: 1-2 business days
  • Description
  • Table of Contents

This document discusses the proliferation of digital banking in the Asia/Pacific region that is driven by technological advances and regulators that have lowered the barrier of entry to the banking industry. IDC profiled several digital banks and the type of technology used in demonstrating how a digitally native agenda is executed, paving the way for traditional banks to follow suit. The report also highlights the role of these new type of banks in increasing financial inclusion, particularly across Asia/Pacific in which a significant number still do not have access to financial services."With several digital banks set to launch across Asia/Pacific over the next t years, we will witness an era of banking driven by customer centricity. Digital banks will endeavor to address any gaps left by traditional banks in convenience and efficiency. As more fintechs start their journey into offering financial services, we will see them adapting third-party functionalities into their ecosystem via open application programming interfaces (APIs) that will facilitate more data sharing - a crucial move in creating a truly personalized digital banking experience. Although challenger banks will likely not grow to be dominant in the retail banking sector, they will gain sufficient ground in markets in which their value proposition resonates with market needs, as well as in a rising digitally inclined generation that will embark on their banking journey in the coming years."

Product Code: AP43052018

Executive Snapshot

Situation Overview

  • Scope of Work
    • Definition
      • Challenger Banks
      • Traditional Banks
  • Brief History
  • State of Regulator Readiness in Asia/Pacific
    • Chinalicense
    • South Korea
    • Australia
    • Hong Kong
    • Taiwan
    • India
    • Indonesia
    • Philippines
    • Malaysia
    • Singapore
  • Challengers' Deployment of Advanced Technology
    • Modular Core Banking System
      • Cloud Considerations
    • Frictionless Digital Onboarding
    • Instant Credit Decision Making
    • AI and ML
    • Challengers' Tech Partners
  • What Challengers Do Best
    • WeBank - China
      • Outstanding Areas
    • kakaobank - South Korea
      • Outstanding Areas
    • Xinja - Australia
      • Outstanding Areas
    • Winning Traits for Challenger Banks
      • Superior UI and UX
      • Gamification in Banking
      • Hyperpersonalization
  • The Infiltration of Fintechs into Banking
  • Ecosystems as the Key to Success
  • Profitability and Sustainability
    • Interest Rate Pricing - Tactical Decisions
    • Blue Ocean Strategy in China
    • Can Their Successes Be Replicated?
    • The Potential for Growth in Asia/Pacific
    • Other Considerations as Seen in South Korea
    • Nontraditional Revenue Streams
  • Challenges Ahead
    • Competing Head to Head with Incumbents
    • Customers' Propensity to Switch
    • Building Customer Trust in a Digital Age
    • Integration into the National Credit Scoring Ecosystem

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