Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.
Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.
Driven by competition and rapid disruption, banks increasingly spend on technology enabled models targeted to improve customer experience and service capability. What are the recent developments and top priorities of banks in 2018?
Losses from cybercrime has increased sharply as ransomware incidents soar, ‘cybercrime as a service’ provides greater access and new threats emerge, forcing banks to implement multilayered and stronger technology enabled IT risk and security frameworks.
Cyber-threats have become increasingly complex, inflicting high monetary and reputational damages to institutions that, despite various measures, are forced to plan “catch up” to the advanced technology of criminals. As regulators expand advisories, the institutions now need stronger multi-layered cyber-resilient initiatives.
Spurts in prices of cryptocurrencies and initial coin offerings over the last two years, with start-ups raising millions in minutes, have raised excitement and regulatory attention amid fear of “bubble” and potential losses.
Investments and interest in distributed ledger technology have been rising rapidly as new use cases emerge to harness its potential. The technology is nonetheless still at an early stage with many hurdles to cross, possibly five to seven years away from mainstream adoption.
Robotics, enabled by artificial intelligence and machine learning, is proving to be a game changer that can bring unique operational efficiencies to the financial services industry.
New proofs of concepts have emerged in blockchain as the industry tackles various impediments to its successful adoption. The technology initiatives would need to be complemented with stronger collaborative efforts and interoperability for future growth.
Competition is forcing banks to improve the digital experience of their customers. Banks are focused on investing in mobile technologies, data analytics, security and cloud computing.
Shinhan Bank has launched Korea’s first full service biometric-enabled and unmanned smart digital kiosks that allow customers to do financial transactions through real-time video interaction without the need to visit a physical branch.
Regulators in Asia Pacific such as Indonesia's OJK are actively planning for measures to promote the growth of fintech in the region.
Brian Lo is a seasoned risk professional with nearly 30 years of experience across global financial institutions. Based in Hong Kong and Singapore, he has led teams in managing market and liquidity risk, counterparty risk, and asset and liability management. His expertise encompasses quantitative modelling, risk governance, stress testing, and regulatory compliance. Brian has also played a critical role in developing internal risk models, driving strategic initiatives, and advising on cutting-edge risk solutions, including AI and machine learning applications. Throughout his career, he has served on multiple risk committees, providing strategic insights to senior management and boards, and has been instrumental in implementing Basel reforms and risk management innovations. Brian’s approach integrates deep technical knowledge with practical leadership, making him a valuable contributor to banking risk management education and practice.
Urs Bolt is a seasoned professional with over 35 years of expertise in wealth management, investment banking, and technology. He helps individuals achieve financial well-being and advises senior leaders in financial services and technology on refining business strategies, developing markets, and forging impactful partnerships. Recognised as a global thought leader in digital banking, WealthTech, and decentralised finance, Urs is an active speaker, author, and jury member for esteemed awards and panels. A passionate advocate for sustainable progress, he champions energy policies that balance economic growth and ecological preservation through scientific solutions.
Sina is Chief Data Officer at Unique AG – a rising European startup providing a GenAI-driven platform called Unique.AI to better understand customers and build more meaningful client relationships. Unique.AI is a tailored solution for the financial industry that aims to increase productivity by automating manual workload through AI and ChatGPT solutions.
Sina is a proven GenAI and data transformation specialist for financial applications with over 20 years of experience. Before Unique AG, Sina led data strategy projects at Credit Suisse AG and worked as a consultant at Accenture AG. She lectures on GenAI, AI Governance, and Data Protection at top universities like HSG St. Gallen and HEC Paris, inspiring future tech leaders. Sina also mentors startups on GenAI applications and serves on the ISO expert council in Switzerland. She was recently honored with the “Women in Banking and Fintech 2024” award for her Thought Leadership on Data Protection and AI Governance for GenAI applications for Financial Services by Handelsblatt (#1 business newspaper in Germany). Sina holds a PhD in Financial Modeling from the University of St. Gallen (HSG, Switzerland) and a Diploma in Economics from the University of Mannheim (Germany).
John Januszczak is a seasoned fintech leader and the President & CEO of UBX Philippines, the fintech venture studio and fund of Union Bank of the Philippines. He was appointed to this role after joining UnionBank as a Consultant in 2018. Prior to this, he served as the Chief Operating Officer of Manulife Philippines and held leadership roles such as Head of Global Business Process Management at Manulife Financial and Vice President of Product Management at Meta Software Corporation. His extensive experience in operations, technology, and financial services has positioned him as a key driver of digital transformation in the fintech space.
Under John’s leadership, UBX has grown into Southeast Asia’s fastest-growing fintech, building a robust ecosystem that helps startups and fintech founders access expertise, funding, and customers. He has spearheaded the incubation of award-winning ventures such as i2i, SeekCap, and BUX, while also managing a corporate venture fund that successfully invests in and scales fintech startups. By leveraging corporate ecosystems, open finance, and embedded finance, John continues to drive financial inclusion, innovation, and strategic growth in the Philippine fintech landscape.