Digital banks should count on more than ecosystems, tech to expand in South-east Asia
DIGITAL banks have emerged in South-east Asia as a means to reach out to the underbanked or underserved segments in a cost-effective manner. But strong competition is putting their strengths to the test.
Market observers said that for digital banks to succeed in the region, they will need to depend on more than their tech capabilities and ecosystems.
“Ecosystem partnerships are necessary for banks to attract customers, but they also need to differentiate and provide unique value propositions such as superior customer experience, better rewards or better interest rates,” said Liu Meng, senior analyst at Forrester.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed