Early February of 2020, Leah Callon-Butler of Emfarsis wrote an article about how Asia Pacific’s banking sector are being brought to terms with the disruption crashing through the traditional finance sector.
You can read the full article here: Cut out Bankers?
Leah shared how Dennis Trawnitschek, Digital Banking Lead for PwC Southeast Asia, explained the key factors driving disruption in the banking sector are changes in customer preferences, less restricting regulation, open technology, data monetisation, non-traditional competitors and cloud-technology are at the forefront.
Trawnitschek said that banking can exist without the banks because many consumers today do much of their banking via mobile or through new products and solutions developed by FinTechs. These non-traditional competitors are putting a lot of pressure on banks as their focus shifts to be less about products and more about customer needs.