Mobile Banking Possibilities in Asia-Pacific

by KyongSun Kong, July 15, 2015
Industry Trends
Asia-Pacific

Abstract

The embrace of mobile banking in the Asia-Pacific region is creating intense competition.

This report builds on a Celent online study in the spring of 2014 that targeted banks in 14 markets to shed light on mobile banking trends and characteristics in the Asia-Pacific region. Through a series of follow-up interviews, Celent explored and analyzed the current situation and outlook for the future of banks participating in the survey.

An increasing number of bank transactions, from browsing account balances and transaction history to small-value transfers and even loan and investment products, are being conducted via mobile channels.

“Market entrants coming from outside banking, with novel and original business models, are expected to have an immense impact on Asia’s banking industry. In addition, many people in Southeast Asia still do not have bank accounts. Mobile banking strategies crafted with this in mind have the potential to spur growth at banks around the region,” says KyongSun Kong, an analyst with Celent's Asian Financial Services practice and author of the report.

This report includes one figure.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

Future Trends

3

 

Growth of Mobile Payment Services

3

 

PFM Service Offerings

3

 

Other Trends

4

Factors Driving IT Spending

6

 

Enhancing Security

6

 

Enhancing the User Experience

6

 

Other Drivers

6

Degree of Digitization

8

 

Digitization in the Asia-Pacific Region

8

 

Entrants from Other Sectors

9

Future Challenges

11

 

Securing Profitability and Converting Latent Customers

11

 

Toward Simple and Smart Banking Services

11

Conclusion

13

Leveraging Celent’s Expertise

14

 

Support for Financial Institutions

14

 

Support for Vendors

14

Related Celent Research

15

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