A new report published by Backbase and IDC says the APAC region is set for a dramatic increase in adoption of new financial services platforms by 2025; 38 percent of traditional banks’ revenues in the APAC region will be at risk in the next few years; 70 percent of APAC banking customers say traditional banking processes are too tedious; almost 50 percent of banks in the region will be using AI or machine learning for making better decisions which could lead to revenue growing by 15 percent; Australia’s biggest banks are expected to maintain their share of the market, though smaller banks are expected to be upended by the digital challengers who have started to gain traction in recent years; Malcolm Macnaughtan, Regional Director for Backbase in Australia and New Zealand, stated to Crowdfund Insider:“From a digital banking perspective, the rapidly unfolding pandemic will have a profound and enduring effect in Australia. Transforming to a digital-first business will be key to survive the persistent challenging conditions. Increased customer adoption of digital together with the launch of open banking present significant opportunities for banks with the capabilities to adapt.” CrowdFund Insider
