Increased utilisation of financial technology is setting the stage for further digitisation of the Philippine’s consumer banking industry, which is slowly transitioning into a “cash-lite” economy.

The financial services industry is undergoing a massive shift to cloud, but the challenging technology transition for incumbents requires a strategic rethink of architecture, data, people and processes.

The inaugural BankQuality™ Consumer Survey and Rankings interviewed 11,000 bank customers in 11 markets across the Asia Pacific region on their engagement, experience and satisfaction with their main retail banks.

Consumers chose Indonesia’s Bank Central Asia as the Most Recommended Retail Bank, and DBS Singapore as Most Selected Main Bank in APAC in the 2023 BankQuality Survey

UnionBank topped the 2023 BankQuality™ Survey in the Philippines as the Most Recommended Retail Bank, achieving a score of 67%, tying with Metrobank but with varying margins across key categories

The current disintermediation in payments and MSME lending marks the tip of the iceberg, and retail deposits may be the next battleground

The financial services market size in the metaverse is predicted to drop from 22% to 6% by 2030—its fall from tech wonder to half-baked idea in financial services requires differentiation in its value proposition to secure success

The popularity of Bank Central Asia reflects a trend of traditional banks embracing digital innovation to meet customer preferences