There’s no doubt that mobile banking has increased in twofold over the last period of time. Digital baking has expanded from 1.5 times in different emerging Asian economies, giving rise to a massive percentage of digitally active customers that accounts for 25% of the population in Philippines, Thailand, Korea, China, Indonesia, India, and Taiwan.
For banks, all these changes represent a challenge as well as opportunity. What is clear from this is that they cannot depend on their existing business models and should consciously invest in changing their businesses with rapid changes in consumer behavior.
The big banking players should be refining their digital strategies in order to tap the online users who are snapping up the market share in Hong Kong and India. The majority are doing this to protect the current share and capture new opportunities.
There are a lot of people who are doing this in order to safeguard their existing share while capturing newer opportunities. Simultaneously, the shift in consumer behavior is creating a bevy of opportunities for the platform players and the rising financial technology.
So, investing in the e-commerce market may prove to be beneficial for you.
