5 ways financial services can go digital to stay ahead

SINGAPORE (June 30): It’s easy to see why the onus is on financial service providers (FSPs) to digitally transform.

An Accenture survey found that 46% of customers are now willing to use robo-advisors. Meanwhile, PwC research revealed that nearly 60% of customers are seeking innovative spending analysis tools, and up to 85% would pay a monthly fee to receive automated social media notifications from their bank.

Technologies like Internet of Things (IoT), artificial intelligence (AI), social media and mobility have opened the floodgates of opportunity for FSPs. Key players in the Asia Pacific are allocating up to 25% of their IT budgets to next-gen technologies to transform trading, customer engagement, compliance, and risk management.

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