Like all industries, the Financial Services sector has grappled with uncertainty as the world forges a path through the COVID-19 pandemic. However, a year on from initial lockdowns and the shift to remote living and working, firms in Southeast Asia are finding clarity in terms of where to focus and what to prioritize. While the levels of readiness- and therefore response- to a crisis of this magnitude varied by market, firms across the region are now largely moving in similar directions with a particular focus on digital financial services.
Leaders in the financial services industry are building modular platform capabilities to offer highly personalized experience to customers across digital touch points. They are focusing on leveraging data assets; creating collaborative ecosystems; and building robust operating models to ensure resilience and adaptability to market shifts.
The opportunity for Financial Services is huge. Southeast Asia is one the fastest growing regions with a GDP expected to reach $5 trillion in the next five years. This decade could mark a tectonic shift in digital Financial Services for South East Asia, and there will be both challenges and opportunities along the way.
The financial services landscape has changed significantly in recent years, creating a level playing field for new fintechs and superapps who are changing the game, alongside large enterprise banks. The need to harness data, drive business growth and strategy through data intelligence has fast become an area of focus and investment, spurred by three main drivers.