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Banks will reign supreme in the battle against fintech giants

Banks will reign supreme in the battle against fintech giants

Temenos at The Annual Meeting of the New Champions, Tianjin, China, 17 – 20 September 

Asia-Pacific (APAC) is leading the world in the adoption of digital banking due to consumers’ constantly evolving demands, combined with the unbanked potential and benign regulation.

Non-traditional challengers such as Ant Financial and Tencent are shaking up the market. Temenos argues that in the battle between banks and fintech giants, banks that embrace digital transformation will emerge as champions.

Insights from Jun Zhu, President of Greater China, Temenos: “Mobile payment penetration covers 70% of the population in China and across APAC. In China, Alipay and WeChat illustrate how mobile-based banking can be executed on a massive scale. Banks have taken notice; and expect that payments players will be their biggest competition over the next three years. Furthermore, APAC’s young population is driving the cashless revolution through a surge in mobile payment apps and expect a single entry point to all their financial needs. ”

Insights from Jean-Michel Hilsenkopf, Chief Revenue Officer, Temenos: “Challenger banks and non-traditional players are entering the financial services landscape. This is a global trends which we see exacerbated in APAC.  We believe that the move of fintech giants into banking will drive the digital transformation of the incumbent banks. Forward-thinking banks are rethinking their business models and the IT infrastructures that underpin them in order to scale fast and reduce their cost base. The banks that invest in delivering compelling, personalized experiences to their customers will be those that emerge as champions.”

Temenos is leading the digital transformation of banking services in APAC and around the world.

For 25 years, over 3,000 firms in 150 countries, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos has the market knowledge and understanding that helps guide banks through the biggest technology and business decisions they will make in a decade. Temenos also has a strong presence in the APAC region: customers include Bank of Shanghai,  Julius Baer, Standard Chartered as well as challenger banks such as volt bank and Judo Capital in Australia, just to name but a few.

If you would like to meet with the Temenos executives during The Annual Meeting of the New Champions, Tianjin, China, 17 – 20 September, please contact Newgate Communications.

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