The Banking Industry is ripening at a rapid pace in the West. However, several parts of the world such as Asia and Africa have been lagging for a long time. With the advent of fintech and various banking platforms, the banking industry is picking pace in these regions. Asian and African banks have been under the radar of disappearing for some time now and must reinvent themselves to ride on the competition curve.
How Banks are Coping up with the Fierce Competition?
The competition hurricane over Asia and Africa is gaining force, and banks must act quickly to compete and beat the entrants that are stealing market share. Banks across the emerging regions are increasingly adopting new ways of banking. They are drifting to fintech to give their businesses the much-needed impetus to stay relevant in the highly competitive marketplace.
A growing number of banks are adopting fintech, digital banking, and core banking platforms to match the pace of growth in the West. Such platforms are not just allowing these banks to transform their customer journey but are also providing them with a feature-rich and convenient core banking and payment experience. Banks are increasingly configuring products, processes, and rules as per the customer demands.
How Fintech is adding value to Banks?
- Digital Banking Platform – Key banks in Asian and African countries have augmented their digital strategy leveraging the diverse features of a digital banking platform. This enabled several banks to turn business-specific requisites into efficient, digital-age solutions. Several banks are shifting to a digital banking platform to fill the gaps in their digital transformation rapidly and cost- effectively with its off-the-shelf solutions. It is allowing banks to simplify complicated onboarding process, offer 24/7 banking services, and avoid additional costs.
- Core Banking Platform- Leading banks are leveraging core banking platforms and solutions to offer seamless services, such as smooth creation of accounts, loan management, and auto-calculation of loan limits among others.
- Digital Wallet Platform & Solution– Several banking trailblazers have leveraged digital wallet platform to launch a digital wallet offering for their clientele. Digital wallet is helping banks provide a differentiated experience and convenience to their end users. It is allowing customers purchase things and make payments at their fingertips.
Infusion of immersive and emerging technologies hold the future of banking. Fintech is the only way forward for banks. Having said that, banks seeking a reliable and relevant unified fintech platform can deploy Arttha. Here are the key benefits that some banks and financial institutions across Asian and African countries are getting after adopting Arttha:
Asian and African banks and financial institutions that are keen to drive their business growth can explore opportunities with Arttha.