The Crucial Role of Digital Enablement Continued
90% of APAC bank chief risk officers are now seeing climate change as a top long-term emerging risk over the next 5 years that requires urgent attention in the next 12 months 3 >50% of transactions in Asian markets are made using digital wallets 4 88% of consumer-bank interactions are predicted to happen through smartphones by 2022, and 90% of banking interactions will take place via chatbots 5
Sustainability is a growing concern Increasing pressure from regulators, conscious consumers and the rise of ESG-focused investors is driving banks to operate more sustainably and ethically. Unless banks can find ways to improve their credentials, they are at significant risk of damaging their reputation and attractiveness. Customer behaviours are changing With the global pandemic forcing the closure of many bricks-and-mortar branches, retail banks are having to serve customers remotely. Even within the physical branches that remain, the model has changed to include a more self-service, digitally enabled approach. These changes have created an appetite for a more convenient self-service and always-on banking model and changed retail banking irrevocably. Banks need to offer more digital interactions or risk losing customers.
3. 11th EY and Institute of International Finance bank risk management survey, June 2021. 4. TechWire Asia “Where’s digital banking in Asia headed over the next 5 years”, April 2021. 5. “The World Branch Report 2019,” The Financial Brand, 2019.
4
© 2021 Equinix, Inc. & China Telecom (Europe) Ltd.
Powered by FlippingBook