New Market Research Report: Retail Banking Innovation Playbook Asia-Pacific: Trends and Drivers, Innovation, Products, Channels, Processes

Recently published research from Timetric, "Retail Banking Innovation Playbook Asia-Pacific: Trends and Drivers, Innovation, Products, Channels, Processes", is now available at Fast Market Research

by Bill Thompson

(WireNews+Co) - Boston, MA - 13 March 2013

Asian banks have been described as innovation followers, but this has changed over the past few years. With the ongoing crisis in the West and small budgets, Asian banks have leapfrogged in the development of their retail banking and payments propositions, leading in the adoption of mobile technologies and social media, but also in driving process efficiency through business process reengineering and automation. Driven by changing customer needs, retail banks in Asia are now focusing on what customers actually want, rather than making guesses, and are increasingly catering specifically to the needs of the Asian population. Banks have been fine-tuning specific channels to deliver a clear value proposition and take the strengths and weaknesses of each channel into account. As a result of the financial crisis, Asian banks have also shifted their focus from expensive, large-scale technology projects which did not live up to expectations towards getting existing processes and technologies right.

View Full Report Details and Table of Contents (http://www.fastmr.com/prod/516264_retail_banking_innovation_playbook_asiapacific.aspx?afid=201) (http://www.fastmr.com/prod/516264_retail_banking_innovation_playbook_asiapacific.aspx?afid=201)

Key Highlights

- Channel innovation and development for both brick-and-mortar branches and digital channels was one of the key themes in retail banking in Asia-Pacific in 2012.
- Despite the build-up behind the potential of the mobile channel, improving the internet banking channel and monetizing it remained the key priority for many retail banks.
- An emphasis was placed on customer experience and the intuitive design of online propositions. Key objectives were to improve the ease of navigation, usability, intuitiveness and, therefore, adoption.
- Multichannel capabilities have been discussed for years but progress is limited to small scale initiatives in select channels. Pursuing an integrated channel strategy is limited by siloed structures, rigid processes and a lack of processing and communication.
- Cross-industry partnerships are becoming more common, particularly in the payments space. Building infrastructure together, expanding cross-border transactions or launching new, multi-functionality payment products and services are the key drivers for cooperation.
- Operational risk was the top priority in the risk management area. Increased awareness and intensified regulation around anti-money laundering (AML) left its mark on banks. Improving monitoring capabilities and KYC procedures were among the most commonly launched initiatives.
- Loan approval, account opening processes and KYC/AML compliance are the most active operational initiative areas in retail banking. These span automated decision-making, customer onboarding, document management, centralization of operations and outsourcing.

Scope

This report will allow you:

- To get yourself up-to-speed with the rapid development of retail banking innovation in Asia Pacific.
- To identify the hot spots of bank executives' attention in product development, channels, payments and processes.
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Companies Mentioned in this Report: ANZ (Australia), BankWest (Australia), Citibank (Australia), Commonwealth Bank of Australia (Australia), Westpac (Australia), BRAC Bank (Bangladesh), Dutch Bangla Bank (Bangladesh), Agricultural Bank of China (China), Bank of China (China), Bank of Communications (China), China Construction Bank (China), China Everbright Bank (China), China Merchants Bank (China), China Mingsheng Banking Corp (China), China UnionPay (China), Guangdong Development Bank (China), Industrial and Commercial Bank of China (ICBC), Hua Xia Bank (China), Shanghai Pudong Development Bank (China), Shanghai Rural Commercial Bank (China), Citibank (Hong Kong), Groupon (Hong Kong), American Express (India), Axis Bank (India), Dhanalaxmi Bank (India), HDFC Bank (India), ICICI Bank (India), IndusInd Bank (India), Kotak Mahindra Bank (India), Bank Central Asia (Indonesia), Bank Commonwealth (Indonesia), Bank Danamon (Indonesia), Bank Mandiri (Indonesia), Bank Negara Indonesia (Indonesia), Ogaki Kyoritsu Bank (Japan), Hana Bank (Korea), CIMB (Malaysia), Maybank (Malaysia), RHB Bank(Malaysia), ASB Bank (New Zealand), Bank of New Zealand (New Zealand), United Bank (Pakistan), Banco de Oro (Philippines), Bank of Commerce (Philippines), Bank of the Philippine Islands (Philippines), Citibank (Philippines), Rizal Commercial Banking Corporation (Philippines), Security Bank (Philippines), Citibank (Singapore), DBS (Singapore), HSBC (Singapore), Maybank (Singapore), OCBC Bank (Singapore), Standard Chartered Bank (Singapore), UOB (Singapore), Cathay United Bank (Taiwan), E-Sun Bank (Taiwan), Bank of Ayudhya (Thailand), Bank of China (Thailand), Kasikornbank (Thailand), Telkomsel (Indonesia), China Mobile (China), SMART (Philippines), Globe (Philippines), Alert Pay, Alipay (China), Facebook, Google, MasterCard, MoneyGram, PayPal, Planet Payment, SWIFF (Singapore), Tenpay (China), Western Union

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