Sharp rise in electronic payment incidents in Australia resulted in substantial customer disruption in 2018.

Indonesia is seeing exponential growth in mobile payments spurred by a robust fintech landscape, though usage remains uneven and limited

Pressure on margins from increased competition and compliance requirements is forcing the industry to recalibrate its trade finance offerings. While institutions know that trade digitalisation is important for the future of the business, success relies heavily on deeper coordination and collaboration between the myriad participants in the trade finance ecosystem and technology enablers

The bank onboarding process should be fast, as the most fundamental attribute of an exceptional account opening experience is speed

Implications of new regulations and emergence of digital-only players were hot button issues discussed this year at the Asian Banker Future of Finance ‘Global Transactions Re-invented’ track

Chatbots are another example of relatively low-cost advancements in artificial intelligence adoption within the banking industry. These computer programmes are designed to conduct live chats to resolve common queries and carry out specific tasks; and they are proving to be popular among customers.

Digital disruption is rapidly changing the competitive and operating landscape and driving institutions and regulators to adopt opening banking strategies and create API enabled IT architectures.

The Asia Pacific banking sector will benefit from the improving global and regional economic conditions in 2018. Overall, better asset quality is expected, and banks will maintain relatively stable profitability and capitalisation. Nevertheless, there are growing concerns over the potential asset price corrections, high private debt, and geopolitical risks.

The Asia Pacific banking industry will continue to see a rise in demand and salary among highly skilled technical workers in the backdrop of ongoing digitalisation.

The Internet of Things offers potential opportunities in retail and corporate banking and will fuel the rise of new types of clients in the form of smart cities and autonomous artificial intelligence driven market agents.

New players and technologies continue to drive change in the transaction banking space in Asia Pacific, causing incumbent banks to focus more on improving customer experience and reviewing existing business models.

The last four years have been considered the worst for Thai banks in retail banking. Despite a meagre income and loan growth, banks have been working hard to improve operating efficiencies, re-balance portfolios, and build digital platforms to support the country’s next phase in e-payments, internet financing and micro lending.