DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/5mjkmm/retail_banking) has announced the addition of the "Retail Banking Innovation Playbook Asia-Pacific: Trends and Drivers, Innovation, Products, Channels, Processes" report to their offering.
Asian banks have been described as innovation followers, but this has changed over the past few years. With the ongoing crisis in the West and small budgets, Asian banks have leapfrogged in the development of their retail banking and payments propositions, leading in the adoption of mobile technologies and social media, but also in driving process efficiency through business process reengineering and automation. Driven by changing customer needs, retail banks in Asia are now focusing on what customers actually want, rather than making guesses, and are increasingly catering specifically to the needs of the Asian population. Banks have been fine-tuning specific channels to deliver a clear value proposition and take the strengths and weaknesses of each channel into account. As a result of the financial crisis, Asian banks have also shifted their focus from expensive, large-scale technology projects which did not live up to expectations towards getting existing processes and technologies right.
Key Highlights:
- Channel innovation and development for both brick-and-mortar branches and digital channels was one of the key themes in retail banking in Asia-Pacific in 2012.
-Despite the build-up behind the potential of the mobile channel, improving the internet banking channel and monetizing it remained the key priority for many retail banks.
- An emphasis was placed on customer experience and the intuitive design of online propositions. Key objectives were to improve the ease of navigation, usability, intuitiveness and, therefore, adoption.
- Multichannel capabilities have been discussed for years but progress is limited to small scale initiatives in select channels. Pursuing an integrated channel strategy is limited by siloed structures, rigid processes and a lack of processing and communication.
- Cross-industry partnerships are becoming more common, particularly in the payments space. Building infrastructure together, expanding cross-border transactions or launching new, multi-functionality payment products and services are the key drivers for cooperation.
- Operational risk was the top priority in the risk management area. Increased awareness and intensified regulation around anti-money laundering (AML) left its mark on banks. Improving monitoring capabilities and KYC procedures were among the most commonly launched initiatives.
- Loan approval, account opening processes and KYC/AML compliance are the most active operational initiative areas in retail banking. These span automated decision-making, customer onboarding, document management, centralization of operations and outsourcing.
Key Topics Covered:
1 Executive Summary
2 General Trends in 2011/2012
2.1. Mature Markets
2.2. Emerging markets
3 Distribution Channels
3.1. Internet banking
3.2. Branches
3.3. Mobile Banking
3.4. Multichannel Distribution
3.5. Security
4 Payments
4.1. Credit cards and debit cards
4.2. Debit Cards
4.3. Prepaid payments
4.4. Mobile Payments
4.5. P2P Payments
4.6. Cross-industry Partnerships
5 Business Process Reengineering
5.1. Loan Origination Process
5.2. Account opening
5.3. Customer-centricity
5.4. Business continuity management
5.5. Operational Risk Management
6 Appendix
For more information visit http://www.researchandmarkets.com/research/5mjkmm/retail_banking