APAC banks are shifting focus to non-interest fee-based income, with growth opportunities in Banking-as-a-service, SUPERAPPs, Data Monetization, Buy Now Pay Later, and Financial Marketplaces. Digital adjacencies will contribute over 40% of banking revenue by 2030.

Singapore's banking sector is adapting to increased internet and mobile penetration, with digital-only banks and AI-powered chatbots playing a role. Traditional banks must improve their app experiences to remain relevant. A report by Twimbit analyzes the app experiences of prominent banks and offers recommendations for improvement. Trust Bank leads in mobile app experience and customer onboarding, while UOB excels in customer service. The report highlights the importance of meeting evolving customer expectations and the paradigm shift in banking.

Open banking allows banks to collaborate with third-party service providers, fintechs, and digital native companies through APIs, unlocking new fee-based income opportunities and fostering agile innovation. Asian banks are driving open banking in Australia, India, Singapore, Thailand, and Malaysia.

A global outlook