By Kevin Martin – Regional head, Retail Banking and Wealth Management Asia-Pacific HSBC The implication is often that incumbent banks are being caught by surprise by the changing environment and the foray of fintech startups, new virtual banks, or tech giants from the United States or mainland China into financial services. We have a more optimistic outlook. True, the financial sector is evolving rapidly, being reshaped by the potential offered by emerging technologies. But the banks-as-dinosaurs argument rests on the assumption that firms in financial services have ignored technology’s potential to enhance the way customers are served with cheaper, faster, and more convenient services – or the need to build agile, digital working cultures. The data tells a different story: over 90 per cent of HSBC’s retail banking transactions in Hong Kong are already digital, and retail banks around the world are expected to invest some $13 billion in digital banking this year alone. HSBC and many other banks have been making significant investments in digital and technology for many years, and this will continue. We know what we need to do, and we are already doing it. Trust and competence The organisations that succeed in the new world of… Read full this story
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