There are more and more new ‘virtual banking’ entrants across the main economies of Asia, and other new licenses are either being issued or in the pipeline. There are some daunting estimates by some leading consultancies, Gartner for example, that many banks across the world will be driven out of business by the rise of the Neo banks, empowered by AI-driven insights and digital solutions; hence the traditional and legacy banks and the incumbent wealth management providers ignore these developments at their peril. The ability of these Neo banks in the future to compete across a wide variety of products and solutions should not be underestimated, as they leverage AI, machine learning, data mining/analytics and other technologies and processes to fight for market share in credit, risk management, investments/trading, portfolio management, deeply personalised advisory, and in other key areas.
Hubbis will assemble a panel of experts offering immense expertise to provide delegates at the Digital Dialogue of May 27 with invaluable insights on positioning themselves for what is the seemingly inevitable rise of the ‘Neo’ or ‘challenger’ banks, alongside the rise of the robo-advisories across the region.
A community of leading organisations within Asian Wealth Management
Senior figures in Asian Wealth Management are speaking at this event
Bain & Company
Digital and challenger banks – making progress?
- What is the state of play in Asia regarding the arrival and rollout of challenger banks in the region, and specifically, what are the implications for the Asian WM industry incumbents?
- Globally a huge amount of investment has been ploughed into NeoBanks, but how many of these can claim success thus far? Does the panel have any success stories globally, and what do the panel think are important factors to in the building blocks for these Banks to become a viable challenger?
- Are the Neo banks and digitised/robo-advisories aiming to sooner or later compete in the wealth market, and if so, in which segments - for the HNW and above clienteles, or is their real target the gigantic and rapidly growing mass affluent market in Asia’s emerging economies?
- Will the rise of the ‘super apps’ and the ‘challenger banks’ drive a fundamental realignment and reshaping of Asia’s WM markets?
- In the face of these potentially significant challenges emerging, how can the incumbent WM providers in the region compete more effectively to ensure their business models are not corroded in the new world ahead? DHI
- What digital solutions are most in demand and most effective to help the incumbent banks, private banks and other wealth management firms compete more effectively across the various segments of private wealth in the region?
- How are the digital solutions providers coping with the rising demand for products, outsourcing and future innovation?
- What about the different generations in Asia, and is the future entirely digital for the digital natives, the Millennials and the younger generations, and what about the founder and boomer generations in the region?
- Other than further digitisation, what else do the incumbent WM players need to do to maintain and boost their competitive strengths, and do they need better talent and training, do they need a significant change of psychology and strategy, do they need to make greater efforts to connect to client needs, to the younger generations, in short, how should they adapt their platforms, models and people to the world ahead?
- What are the implications for digital delivery or the hybrid (digital+human advisor) models?
- Do the incumbents enter into more partnerships with FinTechs in order to fast-track their digitisation and their competitive edge?
- What is the time frame for the Neo banks to properly challenge in the wealth markets in the region, and therefore how quickly must the incumbents react?
Founder & Chief Executive Officer
Bain & CompanyKimberley Ho
Senior Vice President, Digital Wealth Lead, Consumer Banking Group
DBS BankDamian Hitchen
Chief Executive Officer, Singapore
Managing Director, Asia Pacific
Bain & Company