Digital transformation in the banking space

I MODERATED a regional virtual event a few weeks ago that gathered executives in the banking space to discuss and share learnings in their organizations' digital transformation journeys. We heard insights from executives in Malaysia and India and were also lucky to have the pleasure of hearing from Philippine bank executives.

The banking experience in the country is continuously evolving. While the pandemic drove the behavior to utilize online transactions, the new normal is proving that maintaining this behavior is the more sustainable and efficient route given that people do tend to avoid going to the branch as much as possible, and for good reason. As far as generations are concerned, millennials, Generation Z and all the digital natives out there prefer to use digital banking, hence the rise of the digital banks in the country. The come on: interest rates are higher than usual and one will be really enticed to open an account — all done in five minutes wherever you are. Such a banking experience has never been seen before and it is truly this time that consumers are provided with more options on where to put their money.