Banks in Southeast Asia have made significant progress on their digital transformation journey, and incumbents that are willing to invest in technology are well placed to compete with fintechs, Moody’s said Thursday. The rating agency said in a note that Southeast Asian banks have invested significantly in digital transformation to compete with fintech disruptors. It said the outcome has been progress on multiple fronts: widespread customer adoption of their digital channels and improved product quality. “The competitive space for digital financial products will continue to evolve, but Southeast Asian banks are well-placed to compete, given their track record over the past few years, and more so for large banks with the scale to make necessary investments,” said Moody’s. According to Moody’s, banks have successfully transitioned their customers to digital channels. It noted that customer transactions at the region’s leading banks are now largely processed through internet and mobile channels. It is noted that not just in the payment space where there has been a sharp spike in digital adoption, new customer acquisitions across retail and small- and medium-sized enterprise (SME) products are also increasingly done online. It said that most banks now offer a comprehensive suite of banking products […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
