Newsletter #73 - Future of Asia’s digital banks

Why a fifth of SE Asia's bank branches could close by 2030

  • Digital banking in Asia; what it means for incumbent banks
  • Pride month: How to avoid rainbow-washing
  • NC Team picks: retain tech talent; meme stocks; stalker tech
  • We’re hiring; join the NewCampus team

#TRENDS

🏦 Is Asia ready for the digital banking revolution?

  • Asia expects a digital revolution -  A recent report has projected the closure of over 9,000 bank branches (or 18%) in Southeast Asia alone by 2030. It’s also estimated that 11,000 physical bank branches in Southeast Asia would shut over the next decade. [TechWire Asia, Consultancy Asia]
  • New regulations making digital banking more mainstream as the industry matures - Korea, for instance, established their digital-lending laws last year, making it the first country in the world to draft laws solely dedicated to digital lending. [International Banker]
  • Great customer experience is non-negotiable - By 2025, some 65% of banking customers in APAC are likely to use digital banking services offered by neo-banks and challenger banks, and customers want more than just digital apps—equally important is financial empowerment. [Hubbis, Fintech News SG]
  • Joining the next gen of Asia’s digital banks -  While incumbent banks in Asia face intense pressure from new entrants in financial services, incumbents have an edge in resources to improve innovation practices and rapidly launch new digital services. [Asian Banking & Finance, McKinsey]

🏳️‍🌈 Celebrating Pride Month: Ways for brands to support LGBTQ+ movements

  • June has brought a slew of Pride-themed ad campaigns, clothing and food, but our beloved brands need to go deeper than just rainbow packaging.
  • If a brand opts to build a campaign around Pride, but has taken actions in the past that fly in the face of the cause, it can be viewed by consumers as shallow and opportunistic.
  • Dos and don'ts for Pride (and all year round) -  Before looking to publicly promote inclusivity and announce your support of the LGBTQ+ community, it’s important to take a look at your internal policies and get employee input first. Read more.

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Newsletter #73 - Future of Asia’s digital banks

Why a fifth of SE Asia's bank branches could close by 2030
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