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McKinsey: Banks Need to Reinvent Themselves or They Will Eventually Disappear

On Feb 26, 2020
@RAlexJimenez shared
Banks Need to Reinvent Themselves or They Will Eventually Disappear, @McKinsey https://t.co/fZ8vkJCOF9 via @fintechSIN #digitalbanking #banking #fintech #finserv @EXTRACTABLE
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In Asia, consumers’ tech-savviness, the rise of fintech, and advances in technology are requiring banks to reinvent themselves, according to a new report by McKinsey.

fintechnews.sg
On Feb 26, 2020
@RAlexJimenez shared
Banks Need to Reinvent Themselves or They Will Eventually Disappear, @McKinsey https://t.co/fZ8vkJCOF9 via @fintechSIN #digitalbanking #banking #fintech #finserv @EXTRACTABLE
Open

McKinsey: Banks Need to Reinvent Themselves or They Will Eventually Disappear

In Asia, consumers’ tech-savviness, the rise of fintech, and advances in technology are requiring banks to reinvent themselves, according to a new report by McKinsey.

Singapore virtual banks to service Asia's unbanked millions

Low-cost digital players offer loans to region's small and medium companies

The future of banking in Asia

The West has led the world’s banking industry in growth and innovation, but now Asia is tilting the scales. As the pace of growth slows, the Asian banking industry must reinvent itself to ...

Malaysia’s biggest telco Axiata reveals plans to bag digital banking license

The country's central bank announced its plans in December to issue up to five licences.

5 Biggest Fintech Stories in Malaysia in 2019

A look back at some of the biggest fintech stories that have happened in Malaysia in 2019

Two Scenarios Seen for Banking’s Future, and Both Change the Game

Some banks and credit unions will move to a background role, others will blend with fintechs. Either way, industry 'sameness' will disappear.

Asia's tech champions zero in on main street banking

Asia's internet firms are challenging the region's traditional banks f...

Tired of paying ‘ransom’ to core vendors, two small banks fund new one

The State Bank Group and The Provident Bank are backing Neocova, which focuses on community banks.

Asia Needs a Region-Wide Approach to Harness Fintech's Full Potential

Asia’s policy makers should strengthen cooperation to harness the potential of new financial technologies for inclusive growth. At the same time, they should work together to ensure they ...

Morning Brief 2.11.20: Revolut launches open banking in the U.K.

Curve opens an office in Brooklyn; Sydney transit overcharges; and other information you need to start your day, from PaymentsSource and around the web.

Southeast Asia becomes the fintech hotspot

A perfect storm of factors - demographics, technology savviness, government support, and investor interest are driving the rapid growth of fintech startups in Southeast Asia. The future ...

RHB targets card fraud with automatically refreshed CVV codes

New codes are displayed on mini-screens on the back of the cards.

Smaller Banks in Singapore Are at Risk As Fintechs Eye Digital Banking License

Competition is heating up in Singapore’s digital banking landscape as an increasing number of fintechs including e-wallet operators and payment services providers are looking to apply for ...

Letter from the CEO, No. 1, August 2018

Starling Bank has passed many milestones in 2018. Whilst 2017 was the year of building out our technology and customer proposition, 2018 has been all about building momentum.

Fintech: Malaysian banks getting ready for more fintech

Malaysian banks are keeping up with some of the global trends in financial technology (fintech), with developments in payments, compliance and lending, says Alvin Gan (picture), executive ...

Beyond North Star Gazing

Accenture consumer research found that 40 percent of global consumers are now potential “Nomads”, open to the idea of self-assembling their own suite of banking products from component ...

Non-banks: looking like banks, acting like banks, regulated like banks

As challenger banks promise to be better than the banks, can they avoid becoming banks themselves?

Singapore to issue up to five new licences to digital banks

SINGAPORE will issue up to five new licences to digital banks and begin taking applications from August, in one of the biggest liberalisation steps taken by the city-state in years. Read ...