Delivering agility for the financial services industry

Summary

Financial services organisations across Asia-Pacific spent the pandemic year compressing years of digital adoption into months, as lockdowns pushed even reluctant customers toward open banking, neobanks, and AI-powered digital assistants for the first time. Four trends stand out: the steady expansion of open banking initiatives such as Singapore's Financial Data Exchange, the growing momentum behind neobanks and challenger banks, the mainstreaming of AI-driven digital assistants at banks like DBS and ANZ, and a parallel surge in financial fraud that has made cybersecurity a board-level concern.

With large portions of the population across Southeast Asia and South Asia still unbanked, government-backed open banking frameworks are positioned as a lever for financial inclusion as much as competition. Meanwhile, customer willingness to switch to neobanks or challenger banks is reshaping how traditional institutions think about product design and service delivery going forward.

These shifts mean financial services organisations are accelerating cloud adoption, building AI capabilities into lending and fraud detection, and navigating the operational complexity that comes with modernising infrastructure while strengthening security posture at the same time.

  • Covers Singapore's SGFinDex as a model for cross-institution financial data sharing
  • Addresses the trillion-dollar scale of global financial fraud and its cost to institutions
As digital adoption in banking becomes permanent rather than pandemic-driven, how should financial institutions rebuild for agility rather than just resilience?

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