How open is Asia to branchless banking?

Approximately 55-80% of customers are considering opening an account in a digital-only bank.

More than a third (40%) of customers in developed Asia are willing to shift to branchless or digital-only banks, according to a report from management consultancy firm McKinsey.

The openness of customers to digital alternatives without the need for a physical distribution network has been correspondingly met by the local market in developed Asia.

"Over the last three years, several new banking propositions have been launched across the Asia-Pacific region," McKinsey noted.

In Korea, for instance, Kakao launched Kakaobank to become the fastest-growing mobile bank in teh world with over 5.5 million users and $6b in deposits.

Emerging Asia isn't one to be left behind as 35% of customers have expressed willingness to shift to branchess banking, supported by a slew of fintech initiatives from major banking players. BTPN in Indonesia, for instance, launched Jenius, a standalone and first-to-market digital bank whilst Singapore's DBS has expanded its mobile-only digital bank in India in 2016 and to Indonesia in 2017.

Also Read

Fullerton Fund Mgmt, UNDP working on sustainable management framework

DBS, OCBC to see net profits dip, loan growth soften in Q1

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit