Asia Pacific Digital Banking Trends in 2011 & Beyond

Introduction

The banking industry has faced an inevitable challenge on their business to deliver their products and services in a much more efficient way by utilizing digital channels. An observation across different countries in Asia Pacific, FS providers have slowly extending their presence in digital space, not just to distribute, but they also need to interact with their customers.

Features and benefits

* Use these insights into the behaviour of consumers in Asia Pacific to shape your acquisition strategy
* Identify new opportunities by uncovering different consumer attitudes towards online channels in different markets
* Improve customer experience by understanding the key barriers in digital banking environment
* Formulate strategies to attract specific consumer segments by uncovering different consumer needs across different Asia Pacific markets

Highlights

The future of customer interactions rely on the internet banking channel, FS providers need to build a set of strategies in monetizing the online channel as their long term plans for the overall expansion strategies.
Interestingly, consumers in developing countries have provided a strong indication on the importance of mobile phone banking as one of the banking channels. More than half of consumers in developing countries agree that mobile phone banking is an important channel of banking, relative to only over 27% of consumers in developed countries who agree.
While many banks have improved their websites to target new customers, there still are not many banks have explored opportunities behind the login page of their Internet banking. Enormous amount of customers' information behind the login page will allow banks to target customers in an effective way.

Your key questions answered

* Is there a sufficient demand for mobile banking in Asia Pacific? How does it compare to other markets?
* How different are the demand of new technologies amongst consumers in Asia Pacific?
* How many banks have mobile banking at the moment and how it will be in 24 months from now?
* What are the key trends for digital banking in 2011 and what to expect for years to come?
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Executive Summary
Technology has changed retail banking
FS providers are extending their presence in the digital space
Leveraging mobile phone technologies to reach customers in Asia Pacific
Key drivers for 2011
Consumer demands for digital banking are high in Asia Pacific, especially in developing countries
Demand for mobile banking is high across developing countries in Asia Pacific
Online security is fundamentally important for the successful implementation of mobile banking
The younger generations are influenced by virtual opinions
FS providers are focusing on improving the customer experience through new investments in IT
FS providers are investing in new digital channels to expand their distribution networks
Addressing security concerns is the most challenging aspect of multi-channel banking
Banks need to support consumer demands for mobile phone banking in the next 12 months
Five key trends for 2011 and beyond
A new role for Internet banking as a mainstream sales channel
Mobile phone banking will be the growth area for transactional banking
PFM tools will slowly become a standard feature of banks' online offerings
Banks cannot ignore the presence of digital communication
Price comparison sites are set to monetize online customer acquisitions
OVERVIEW
Catalyst
Summary
OVERVIEW OF DIGITAL BANKING IN ASIA PACIFIC
Technology has changed retail banking
The Internet has changed the way consumers do their banking around the world
FS providers are extending their presence in digital space
FS providers trialed some new initiatives for their customers in 2010
Leveraging mobile phone technologies to reach customers in Asia Pacific
ANZ goMoney may spread the benefits of mobile phone payments to new customers
DBS introduced the first mobile coupon in Asia Pacific
2010 was a year of learning in terms of online risk management
KEY DRIVERS FOR 2011
Consumer insight: FS providers need to understand different levels of demand for banking technologies across Asia Pacific
Consumer demand for digital banking is high in Asia Pacific, especially among those in developing countries
Demand for mobile banking is high across developing countries in Asia Pacific
Online security is fundamentally important for successful implementation of mobile banking
Friends and family are still the dominant source of information, but this will quickly shift towards the digital channel
The younger generations are influenced by virtual opinions
Lack of interactivity rather than security concerns discourage older consumers from using online banking
Industry insight: 2011 is the year of investment for banks in Asia Pacific
FS providers are focusing on improving the customer experience through new investments in IT
Branch is the top priority for IT investment in multi-channel banking
FS providers are investing in new digital channels to expand their distribution networks
Addressing security concerns is the most challenging aspect of multi-channel banking
Supply and demand: global providers need to focus on developing markets
Banks need to support consumer demands for mobile phone banking in the next 12 months
FS providers should focus on educating their customers with regards to e-channels
FIVE KEY TRENDS FOR 2011 AND BEYOND
A new role for Internet banking as a mainstream sales channel
Monetizing Internet banking as a sales channel
Advanced markets have developed integrated sales technology behind the login page
The future of online acquisition: identifying the right customer at the right time
Mobile phone banking will be the growth area for transactional banking
Strong consumer demands and established infrastructures have provided a strong business case for the mobile phone banking channel
Mobile phone banking may become a differentiating factor to attract new customers
A segmented mobile phone market has forced FS providers to focus on one platform
The future of mobile banking: NFC
PFM tools will slowly become a standard feature of banks' online offerings
PFM tools add transparency, simplicity, and intelligence to FS providers
Third-party PFM will face a strong challenge from FS providers
Banks need to see PFM as a tool to connect with their customers
Banks cannot ignore the presence of digital communication
Social media permeates every part of consumers' day to day lives
Most FS providers are ignoring social media
Social media may not directly drive sales, but still adds value
Social media must be at the center of banks’ communication strategies
Price comparison sites are set to monetize online customer acquisitions
Price comparison sites are still immature in Asia Pacific
Australian PCSs are more advanced than those in most Asia Pacific countries
Banks need to get ready for an extra level of competition initiated by PCSs
APPENDIX
Supplementary data
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
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