Trends Report

Can Digital-Only Banks Win Market Share From Traditional Banks In Asia Pacific?

December 3rd, 2019

Summary

In the eight Asia Pacific countries we survey, online adults prefer using digital channels to interact with banks, but those in Hong Kong, Malaysia, and Indonesia still prefer interacting with agents when it comes to life insurance. Asia Pacific online adults will consider switching to digital-only financial services in the next two years. They value firms that help them improve their financial well-being. Financial firms in the region must nurture customer trust and elevate their digital experiences — or their customers will switch.

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