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The future is digital: Why financial institutions need to embrace digital banking
Mambu’s Managing Director, APAC, Myles Bertrand, explains how traditional financial institutions can evolve to capitalise on the new era of digital banking.

April 09, 2020 | -
  • Embracing digital opens new opportunities for financial institutions
  • Organisations that are open to change and try new ideas are the ones that will thrive
  • Launching digital banks is favourable because of its agility and scalability, among others

Digital banking is the way of the future for the financial services industry in Asia Pacific. As more countries throughout the region embrace this brand-new world, financial institutions of all sizes need to consider the opportunities that digital banking can open up in terms of optimising operations and increasing new customer acquisitions.

Many established institutions are realising that spending millions of dollars building a proprietary system and expecting it to last for the next decade is not a viable option. It is imperative that these institutions evolve. In fact, McKinsey & Company estimates that legacy financial institutions that fail to evolve will see profits decline by up to 60% by 2025.

“The businesses that will truly thrive in this new decade are those that see change as an opportunity, and that are open to new ideas and ways of doing things,” said Myles Bertrand, Managing Director for Asia Pacific at Mambu, one of the leading cloud-native banking platforms. He gave four key reasons for launching a digital bank.

Why Launch a Digital Bank?

Integrate multiple products

In a traditional, siloed banking system, individual functions such as a branch, internet platform and mobile app are all managed separately, with customer data withheld between functions. Switching to a digital platform and integrating these functions will give banks a single view of customer data, allowing them to shed their legacy infrastructure and gain the ability to digitise and automate their core processes, all while eliminating errors and duplication.

Become agile and responsive

Dig...

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The future is digital: Why financial institutions need to embrace digital banking
Mambu’s Managing Director, APAC, Myles Bertrand, explains how traditional financial institutions can evolve to capitalise on the new era of digital banking.

April 09, 2020 | -
  • Embracing digital opens new opportunities for financial institutions
  • Organisations that are open to change and try new ideas are the ones that will thrive
  • Launching digital banks is favourable because of its agility and scalability, among others

Digital banking is the way of the future for the financial services industry in Asia Pacific. As more countries throughout the region embrace this brand-new world, financial institutions of all sizes need to consider the opportunities that digital banking can open up in terms of optimising operations and increasing new customer acquisitions.

Many established institutions are realising that spending millions of dollars building a proprietary system and expecting it to last for the next decade is not a viable option. It is imperative that these institutions evolve. In fact, McKinsey & Company estimates that legacy financial institutions that fail to evolve will see profits decline by up to 60% by 2025.

“The businesses that will truly thrive in this new decade are those that see change as an opportunity, and that are open to new ideas and ways of doing things,” said Myles Bertrand, Managing Director for Asia Pacific at Mambu, one of the leading cloud-native banking platforms. He gave four key reasons for launching a digital bank.

Why Launch a Digital Bank?

Integrate multiple products

In a traditional, siloed banking system, individual functions such as a branch, internet platform and mobile app are all managed separately, with customer data withheld between functions. Switching to a digital platform and integrating these functions will give banks a single view of customer data, allowing them to shed their legacy infrastructure and gain the ability to digitise and automate their core processes, all while eliminating errors and duplication.

Become agile and responsive

Dig...

Please login to read the complete article. If you already have an account, you can login now or subscribe/register.

Categories:
Keywords:

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