Dentsu Finance DNA APAC - Oct23

The future of finance
and payments in Asia Pacific

Finance DNA - The Future of finance and payments
Contents
Trend 1: Financial Wellness 6

Trend 2: Banking Goes Green 10
Trend 3: Inclusive Banking 13
Trend 4: Humanized Banking 18
Trend 5: Purposeful Rewards 23
Trend 6: New Payment Frontiers 26
Trend 7: The Investment Revolution 30
Trend 8: The Credit Makeover 33
Trend 9: AI-Powered Insurance 37
Trend 10: Branches Reinvented 41
Understanding Your Customer Now and In the Future 45
A Now, Next, Future

Vision for Finance
Today we are continuing to live in an uncertain world. In the last

few years, we’ve faced global political uncertainty, we’ve dealt
with the disruption of a pandemic, and we are now coping with a
period of prolonged inflation. But what does this mean for
consumers and how can brands navigate today’s landscape?
In this report, we explore the themes that will shape the next
ten years in terms of consumer behavior and brand response in
the Finance and Payments sector across 10 countries in Asia
Pacific: Australia, Japan, Indonesia, Singapore, Thailand,
Malaysia, Vietnam, South Korea, China and India.
We have identified 10 key trends which will explore in detail

the consumer shifts impacting finance and payments over the
next decade. We will chart the Expected Trend Trajectory by
visualising its projected intensity in the next years – based on
our objective analysis of the relative impact of consumer
change in behavior and attitudes on the trend in question.
Finance DNA uncovers the actions and motivations of today’s

consumer and provides recommendations for brands. Exploring both
the short- and long-term implications of each trend, we provide a
framework for brands to respond effectively to evolving consumer
demands, attitudes and behaviors for the next decade.
The Economic Backdrop

Optimism amidst uncertainty
A recovering China and a resilient India are dulling the APAC consumers are also generally concerned about their
effect of the slowdown in the US and Europe on Asia personal finances. Research conducted across various
Pacific’s growth forecast, which is estimated to be a modest countries in the APAC region revealed that 18-22% Asians
but hopeful 3.8% in the latter half of 2023 for the rest of strongly agreed that they often worry about their personal
Asia-Pacific, excluding China.1 finances.5
While the region is still expected to drive 70% of global To confront these hurdles and emerge stronger, financial
growth,2 much of this will depend on how well governments institutions need to help consumers build economic
and policymakers can shore up the resilience of their resilience and financial stability.
domestic economies.
It is against this backdrop that this report will explore the
Although the IMF expects a decrease in inflation rates, it core trends that will shape the future of finance and
projects average inflation will still be higher than pre- payments over the coming decade. With the cost-of-living
pandemic levels in more than 80% of countries globally, context sharply in focus, the report will outline how the
even into 2024.3 Asia-Pacific will continue to see declining current economic situation will likely accelerate or impact
headline inflation reflecting lower energy and food price the trajectory of the trends outlined.
pressures, but core inflation rates will remain at levels that
could continue to create hardship at the household level
and exert pressure on consumers’ real income and spending.
Such economic conditions have clearly impacted consumer

mindsets. Despite the overall growth story, consumers in
each country report less optimism. A recent survey revealed
that 55% felt at risk from financial hardship over the next 5
years in the APAC region.4
Additionally, people worry about inflation, poverty, and food

shortages, and there’s a rising mention of the word
‘struggling’ in various regional surveys.
1 S&P Global, Economic Research: Economic Outlook Asia-Pacific Q3 2023: Domestic Demand, Inflation Relief Support Asia's Outlook | 2 International Monetary Fund, May 2023 | 3 International Monetary Fund, May 2023 | 4 Foresight Factory |
2022 March: In China, India, Malaysia, Russia, Singapore, South Korea, Thailand the sample is 16-74 | 5 Foresight Factory | 2021 March: In Brazil, China, India, Mexico, Russia, Singapore, South Korea, Thailand, UAE, Vietnam the sample is 16-74
The 10 Trends Your Brand

Must Master Today:
Trend 1: Trend 6:
Financial Wellness New Payment Frontiers
Trend 2: Trend 7:
Banking Goes Green The Investment Revolution
Trend 3: Trend 8:
Inclusive Banking The Credit Makeover
Trend 4: Trend 9:
Humanised Banking AI-Powered Insurance
Trend 5: Trend 10:

Purposeful Rewards Branches Reinvented
Trend 1:
Financial Wellness
Trend 1 2 3 4 5 6 7 8 9 10
As wellbeing needs continue to expand in the 2020s, In line with this, we expect banks and financial service players to
financial wellness is increasingly recognised by provide more proactive guidance and educational content to help
consumers as just another contributing factor of consumers improve financial literacy, budgeting, saving, and
holistic health. Seeking financial empowerment and investing – and prevent their finances negatively impacting their
control over finances, consumers will turn to new and mental health. Encouraged by more open conversation around
fragmented sources of influence for support. Looking personal finances in both public and private spheres, consumers will
ahead, expect financial wellbeing and literacy to also start to open up more to others about their salary, spending and
become a core focus for consumers and brands alike, savings, with not only financial professionals but also family and
as the link between healthy finances and happiness is friends. As the saying goes, a problem shared is a problem halved.
further underscored by the cost-of-living crisis.
Although some consumers will continue to be less forthcoming when
The COVID-19 pandemic highlighted the link it comes to talking about money, viewing it as taboo and in conflict
between healthy finances and a stress-free life. with their values of privacy and dignity.
Though some households were able to save, many
consumers felt their finances deteriorated during
the crisis. A negative change in personal finances
exacerbated money worries, and also made the link
between financial and mental health clear. This is Only 9%
evidenced by the fact that 76% of global consumers of APAC consumers in Australia, South Korea
who felt their mental health got a lot worse during
and China say they are happy with their personal
the pandemic, also worried about their finances at
that time, compared with 48% of consumers who financial situation.2
felt their mental health had not been affected.1
In the coming years, financial wellbeing will

become increasingly synonymous with general
wellbeing as the link between healthy finances 54%
and a happy, healthy life is further underscored of consumers in APAC feel personally at risk from
by the cost-of-living concerns.
financial hardship over the next five years.3
1 Foresight Factory | Base: 34856 online respondents aged 16+, Global Average (27 markets), 2021 March
2 Foresight Factory | Base: 11000 online respondents aged 16+, Global Average (9 markets), 2022 January
3 Foresight Factory | Base: 39400 online respondents aged 16+, Global Average (27 markets), 2022 March
Trend 1 2 3 4 5 6 7 8 9 10
Looking ahead, financial therapy will emerge as a new kind of Being in the top 1% of the most shared podcasts globally
counselling that helps consumers spend, save, and invest in line with on Spotify, Girls That Invest discusses the importance of
their values, empowering them to build better financial futures. financial literacy and investments. Kaur and Gupthan also
Consumers will become more open to sharing personal details of have a six-week investment course three times a year that
their financial lives, and many will turn to social media for answers, is designed to help their audience gain financial freedom.
putting pressure on banks to offer more accessible advice. Already
Financial literacy is key to achieving financial wellness,
popular with a niche audience, finfluencers (financial influencers)
something which fintech targeting kids, teens, and young
will become more mainstream due to their ability to identify with
adults will continue to advocate for with more accessible,
consumer issues and provide practical solutions.
proactive, and often, gamified financial education.
In 2019, Already in 2020, young consumers were most likely to

have used an app that motivated them to stick to a
personal goal –
27% of APAC consumers followed a
A 38% uptake among global 16-24s vs. 15% among
money management influencer.1
consumers aged 55+.7
Indeed, influencers such as Amanda Frances, AKA the Money In APAC, only 15% learnt how to manage money in school,
Queen2, are growing in popularity. In 2021, following the launch of with the Chinese being most likely to have had formal
her book Rich As F*ck, which aims to demystify the topic of education (22%).8
money and empower readers to improve their finances, Frances
launched a new ‘Money Loves You’ meditation, which helps
consumers to set the intention to live a more financially stable Trend in action
life. Her use of social media channels – plus the way she
UOB’s Wellness Festival in Singapore had booths,
combines mindfulness, spirituality, and financial savviness –
workshops, and stage activities that showcased
helps make her holistic financial wellbeing content and advice
the Bank's myriad array of wellness propositions
more accessible and engaging, especially for younger women
promoting the holistic well-being that it offers to
who feel that taking control of their finances is out of reach. customers. UOB is the first and only financial
institution participating in the national initiative,
Meanwhile, influencers Humphrey Yang3 and Tori Dunlop4 and highlights the importance of every aspect of
have more than one million followers on TikTok, where Gen Z wellness, including physical, mental, emotional,
seek advice on credit, investing, saving, taxes, and budgeting. and even financial, to the holistic well-being of
Influencers like Simran Kaur5 and Sonya Gupthan6, featured in the customers.9
Forbes 30 under 30 Asia, have gained popularity due to their Girls
That Invest podcast.
1 Money management influencers: Foresight Factory | 2019 May: In Brazil, China, India, Malaysia, Mexico, Russia, Singapore, South Korea, Thailand, UAE, Vietnam the sample is 16-64 | 2 Amanda Frances, (@xoamandafrances), Instagram,
https://www.instagram.com/xoamandafrances/?hl=en | 3 Humphrey Yang, @humphreytalks, TikTok, https://www.tiktok.com/@humphreytalks? | 4 Tori Dunlop Profile, Forbes, https://www.forbes.com/profile/tori-dunlap/?sh=4389df896b56 |
5, 6 The 2023 30 Under 30 Asia Content Creators And Influencers Educating And Entertaining The Public. Forbes. https://www.forbes.com/sites/yessarrosendar/2023/05/17/the-2023-30-under-30-asia-content-creators-and-influencers-
educating-and-entertaining-the-public/?sh=17ddf99c5869 | 7 Financial literacy app usage: Foresight Factory | Base: 41473 online respondents aged 16+, Global Average (27 markets), 2020 May | 8 Financial education at school:
https://fs.hubspotusercontent00.net/hubfs/5228958/2021_Global%20research%20report_Disrupting%20money%20habits/Infographics/DMH_APAC_Infographic.pdf | 9 UOB Group, UOB launches first Wellness Festival highlighting importance
of financial wellness to customers’ holistic well-being, June 2023
Trend 1 2 3 4 5 6 7 8 9 10
Expect this education to come to fruition in five-plus years’ time as Gen Z grow up to have a higher level of money savviness
Trend in action
than previous generations. Knowledge of positive financial management behaviours, such as saving for a specific goal or
US financial services giant, Truist1, purchased investing small amounts regularly, will be fully embedded. This will also allow younger consumers to share their knowledge
mobile savings gamification app Long Game, with a with their peers, further democratising access to financial education.
view to incorporate more interactive features into

its banking services.
Financial Wellness
Long Game uses prize-linked savings and casual Expected Trend Trajectory in the 2020s
gaming to encourage customers, particularly
Millennial and Gen Z populations, to improve
financial education and adopt smarter financial
behaviours. Similarly, GoHenry, which provides debit
cards and financial education apps to 6- to 12-year-
Trend Intensity
olds, acquired Pixpay, which offers similar services to
teens in France and Spain. GoHenry wanted to
combine its expertise with Pixpay’s in financial
education to accelerate not only GoHenry’s growth
but also the financial fitness of even more kids and
teens globally. 2
GajiGesa, Indonesia and Southeast Asia’s leading Now Next Future

(2023) (2024-2025) (2025-30)
Earned Wage Access (EWA) platform is now offering
its services on WhatsApp to provide millions of
The cost-of-living crisis will worsen Emerging services like financial therapy Financial wellness will be more pervasive
workers in Southeast Asia with a fast, secure, and
financial wellness and the already fragile and more accessible and engaging online as cost-of-living concerns wane and as
convenient way to access their earnings in real-time. mental well-being, heightening the need advice will empower more consumers to fintech players targeting Gen-Z with
GajiGesa has become APAC’s first and only employee for proactive financial guidance and spend, save and invest in line with their gamified services see them possess a
wellness and financial benefits company to offer education to help consumers take control values, and overall build a better higher level of financial literacy than
salary-on-demand on WhatsApp. 3 of finances. financial future. previous generations.
1 Truist Acquires Mobile Savings Gamification Pioneer Long Game, Truist, https://media.truist.com/2022-05-03-Truist-acquires-mobile-savings-gamification-pioneer-Long-Game | 2 GoHenry
Offers Financial Education App Beyond UK Borders Following Pixpay Acquistion, The Fintech Times, https://thefintechtimes.com/gohenry-offers-financial-education-app-beyond-uk-borders-
following-pixpay-acquistion/ | 3 First in APAC, GajiGesa Launches Earned Wage Access on WhatsApp, GajiGesa, https://gajigesa.com/en/earned-wage-access-on-whatsapp/
Trend 2:
Banking Goes Green
Trend 1 2 3 4 5 6 7 8 9 10
In the years to come, climate change will remain the Beyond decarbonisation, consumers will expect banks to
dominant global threat, with 63% of APAC consumers use their huge financial power to take a more holistic view
feeling personally at risk of its effects over the next of sustainability, using their influence to support climate
five years.1 This is prompting consumers to adopt eco- justice and biodiversity, and pushing for climate-positive
ethical values which are transforming their relationship operations across the business. Consumers will not
with the products and services they interact with on a hesitate to switch banks if they find that theirs does not
daily basis. These values-based consumer behaviours do enough. This behaviour is expected to be accelerated
have entered banking, with sustainable credit cards, by economic uncertainty, which will cause brand loyalty to
impact investing and ESG strategies now commonplace. fluctuate.
The question of who is principally responsible for the future

of the planet is a complicated one. While 43% of global
consumers believe the main onus lies on governments (vs 24% 44% of APAC consumers
for business)2, rising distrust means consumers will actually be already say they always or sometimes
looking to brands, including banks, to help effect positive consider sustainability when choosing
change. They are expecting companies to demonstrate
ambitious environmental, social and corporate governance
financial products such as credit cards
(ESG) activity. Climate targets will need to be reviewed and and investments, rising to 53% among
rewritten to reflect this, with science-based, quantifiable Millennials.3
commitments that give back more than they take rather than
sustaining the status quo.
Banks will also need to be allies to consumers’
In line with this, products and services that involve the hefty personal fight in reducing their carbon footprint. There
consumption of natural resources, such as Bitcoin mining, will will be increasing uptake of new apps and wearables
come under intense scrutiny and may become more tightly that help consumers track the impact of their
regulated. Divesting from fossil fuels will become a main area transactions and investments, suggesting alternatives
of scrutiny from consumers, with Russia’s war in Ukraine if the impact is too great and rewarding them for
fueling momentum towards efforts to reduce the dependency reducing their footprint. Interest amongst consumers
on natural gas, particularly as the connection with conflict is already reaching the mainstream, with 65% in
and insecurity becomes more pronounced. Consumers will APAC interested in an app that tracks their personal
push banks to redirect these investments towards carbon- impact on the environment.4
negative and neutral companies.
1 Climate change: Foresight Factory | Base: 12884 APAC average online respondents per country aged 16+[Brazil, China, India, Malaysia, Singapore, South Korea, Thailand, Vietnam, Indonesia], 2022 March
2 Foresight Factory | Base 10629 online respondents aged 16+, Global Average (9 markets), 2022 January
3 Importance of corporate sustainability: Foresight Factory | Base: 11000 online respondents aged 16+, Global Average (9 markets), 2022 January
4 Consumers’ environmental impact: Foresight Factory | Base: 11243 APAC average online respondents per country aged 16+[Brazil, China, India, Singapore, South Korea, Thailand, Vietnam, Malaysia, Indonesia], 2021 March
Trend 1 2 3 4 5 6 7 8 9 10
Consumers’ personal actions will also take the form of

sustainable investing. A nascent trend observed across
APAC shows that a sizable minority in Australia
(14%), South Korea (15%), and China (15%) are ‘very
interested’ in investment funds that invest in
sustainable companies. 1
While ethical investing – investments which are screened

to avoid companies or industries that have a negative
impact on society or the environment, such as weapons or
tobacco – have been around for a while, we are now seeing
growth in sustainable investing, which takes environmental,
social, and governance factors into account when
assessing whether a company is worth
backing. Environmental factors include climate change
Banking goes green
policies, pollution, and waste management, while social Expected Trend Trajectory in the 2020s
considerations are those relating to employee conditions,
community engagement, and health and safety.
Governance, meanwhile, relates to business practices such
as employee diversity, executive pay, and tax policies. We
expect that by 2030, the proportion of APAC consumers using
Intensity
sustainable investment funds will have grown from 14% to
Trend
20%, while the proportion interested will have grown from
16% to 29%.2
As consumers place more and more trust in their banks to

help them in their journey towards sustainable living, we
will see an influx of banks claiming to be green. As the
Now Next Future
amount of skepticism around greenwashing increases in (2023) (2024-2025) (2025-30)
line with this, banks will need to be explicit about how their Value-based brand choice grows in Consumers seek branded support for Consumers seek branded support for
environmental, social, and corporate governance (ESG) prominence and financial brands are their personal green financing - gearing their personal green financing - gearing
initiatives work – responding to greater demands for required to demonstrate eco-friendly their savings, investments and choice their savings, investments and choice of
transparency including proof of impact. New certifications credentials in a way that can be trusted of products towards the sustainability products towards the sustainability
will be developed to give consumers the peace of mind
and avoids any claims of “greenwashing.” matters they most care about. matters they most care about.
that their claims are substantiated.
1 Foresight Factory | Base: 9182 online respondents aged 16+, Global Average (9 markets), 2022 January |
2 Foresight Factory | Base: 893-1830 online respondents per country aged 16+, [China and South Korea 16-74], 2022 January
Trend 3:
Inclusive Banking
Trend 1 2 3 4 5 6 7 8 9 10
As consumer demands shift from passive inclusivity to adults in the region have a bank account, with account
active empowerment, companies in all sectors, ownership ranging from only 33% and 37% of the adult
including banking and finance, will be increasingly population in Cambodia and Laos, respectively, to 96% in
expected to not just represent but more actively cater Thailand.1
to and empower ever-more diverse customers,
communities and needs. Targeting specific groups will
enable financial service providers to better connect But new startups are beginning to address these issues
with customers’ values and experiences on a meaningful by offering services specifically designed for consumers
level, while general promises of inclusivity will appear who have trouble accessing banking services. This will be
inadequate. Looking ahead, expect financial inclusion to particularly relevant during tough economic times.
become a widespread aim across the banking and
finance industry, as brands try to help consumers from
all backgrounds build a more financially secure future.
Trend in action
Access to financial services can be difficult for
consumers in certain groups, as a lack of credit history, Mother Finance is Myanmar’s first licensed fully
unorthodox routes into the labour market, and language digital lender. They have a mobile app, and plan to
barriers have often made it hard to obtain bank accounts, become the go-to super app for lending, savings,
credit cards, or other loans. Moreover, the shift to a insurance, personal finance advisory, financial
digital payments society, where digital is replacing cash literacy and learning. They are currently developing
as king, also exacerbates access to finances for the a new credit product for emigrants traveling to the
Gulf and other South/Southeast Asian countries for
unbanked and the underbanked. Financial inclusion is
employment.2
critical for the promotion of sustainable development
and economic growth across Asia Pacific. Only 59% of
1 Global Finance Magazine, World's Most Unbanked Countries 2021, February 2021 | 2 32 Startups Selected for the Financial Solutions for Migrants Accelerator
Program, Village Capital, https://newsandviews.vilcap.com/press-releases/32-startups-selected-for-the-financial-solutions-for-migrants-accelerator-program
Trend 1 2 3 4 5 6 7 8 9 10
Meanwhile, as more and more bank branches close down

in response to increased automation of everyday banking Trend in action
tasks, another vulnerable group at high risk of financial
Axis Bank in India implemented new practices
exclusion is the older population who often don’t have the
and policies for employees and customers of the
technology, digital know-how, or physical or cognitive
LGBTQIA+ community. These policies allow
proficiency to access online banking. Whilst uptake is
same-sex couples to open a joint bank account,
growing, 27% of APAC consumers aged 75+ still don’t
such as a term deposit or savings account, and
own a smartphone.1 Financial institutions are constantly
they can make their partners nominees as well. 6
innovating to make services easily accessible, and showing
a decidedly caring, empathetic attitude towards this
group. For instance, in India, Bank of Baroda's mobile banking
However, companies are increasingly expected to be
app feature World Gold helps the elderly manage their
inclusive in a more meaningful way, or risk being
personal finance. 2 It uses hyper-personalised communication
accused of purpose-washing. As general promises of
to assist those who struggle with the use of digital mobile
inclusivity are increasingly deemed inadequate, banks
technologies. It has larger in-app fonts and buttons for those
and financial service providers will also be expected to
with visual problems or conditions, such as arthritis.3
ensure diversity and inclusion efforts start at home.
Inclusivity also means ensuring that typically underserved This challenges brands to undertake an audit of all
groups are better represented and have equal access to aspects of customer interactions and internal business
the latest financial offerings. In 2021, 46% of APAC practices, considering, for instance, what the company
consumers aged 16-24s thought that advertising was board of directors looks like in comparison with the
inadequately representing diversity in their country.4 All communities in which it operates.
brands in all sectors will need to work to improve diversity
and representation externally.
14% of millennials in APAC say

42% of APAC consumers—rising they have stopped using a brand
because it treated their workers badly;
to 47% among Gen Z—agree that it’s 14% did so because it wasn’t inclusive
more important for brands to represent enough; and 7% did so because they
minority groups in their leadership didn’t have people from diverse
teams than in their advertising. 5 backgrounds in their leadership. 7
1 Smartphone ownership: Foresight Factory │ Base: Audience Filter among 799-4869 online respondents per country aged 16+[Brazil,China,India,Malaysia,Mexico,Russia,Singapore,South Korea,Thailand 16-74,UAE,Vietnam 16-64,Indonesia 16-54], 2022 March | 2 Elderly Managing Personal Finance, Bank of Baroda, https://www.bankofbaroda.in/-
/media/project/bob/countrywebsites/india/content/media/press-releases/media-release-launch-of-bob-world-gold-27-04-2022-28-06.pdf | 3 Financial Accessibility for the Elderly, Aranca, https://www.aranca.com/knowledge-library/articles/ip-research/fintech-products-improving-the-accessibility-of-financial-services-for-the-elderly | 4 Lack of
Representation: Foresight Factory | Base: 11134 online respondents aged 16+, APAC Average (10 markets), 2021 March | 5 Importance of representing minority group: Foresight Factory | Base: 12157online respondents aged 16+, APAC Average (10 markets), 2022 March | 6 Axis Bank India, Feminism In India https://feminisminindia.com/2021/09/22/axis-banks-new-
gender-inclusive-policies-addressing-bottlenecks-in-banking-procedures/ | 7 Reasons for boycotting brands: treating workers badly Foresight Factory │ Base: 685-4521 online respondents per country aged 16+ (11 markets), 2022 March
Trend 1 2 3 4 5 6 7 8 9 10
Meanwhile, new and underserved groups requiring

targeted banking and finance solutions will Trend in action
continue to emerge in the next decade—as UK-based Jove offers ultra-flexible
employment, ownership, and business models insurance cover for workers such as drivers
change and evolve. For example, as more people of ride-hailing services like Uber.1 US-based
embrace the flexibility of gigging and the Karat Financial offers unique financial
autonomy of the creator economy, they will seek solutions to online creators, giving them
out precise fintech solutions that support their access to services like personal credit
small business goals—from peer-to-peer lending building and purchase protection.2 Moove,
sites to freelance-oriented current account which bills itself as the world’s first mobility
services. fintech, partnered with financial group
In this way, diversification and personalisation is MUFG and car manufacturer Suzuki to
increasingly both a consumer expectation and promote financial inclusion for mobility gig
industry innovation goal, with banks that target very workers across Africa.3
specific groups able to connect with their values,
Meanwhile, in Singapore, Lucy, a mobile
needs, and experiences on a deeper and more
banking and business-building services app,
meaningful level.
helps entrepreneurial women start and grow
their businesses, and provides a suite of
different services like early wage access,
loans, savings accounts, remittances, and
peer support networks.4
1 1 The Future of Finance and Payments, Finance DNA, https://dentsu.ee/wp-content/uploads/2023/05/dentsu_Finance_DNA_global_report_final.pdf, 2 Karat Financial, Pioneer of the Creator Economy, Secures $70M and Partners with Visa, Fintech Global,
https://fintech.global/2023/07/20/karat-financial-pioneer-of-the-creator-economy-secures-70m-and-partners-with-visa/#:~:text=Karat%20Financial%20focuses%20on%20the,to%20their%20unique%20revenue%20streams | 31 The Future of Finance and Payments, Finance
DNA, https://dentsu.ee/wp-content/uploads/2023/05/dentsu_Finance_DNA_global_report_final.pdf | 4 32 Startups Selected for the Financial Solutions for Migrants Accelerator Program, AppsAfrica, https://www.appsafrica.com/32-startups-selected-for-the-financial-solutions-
for-migrants-accelerator-program/
Trend 1 2 3 4 5 6 7 8 9 10
Looking ahead, banks will similarly aim to connect people with money, values and experiences, creating resources
and products that help consumers make the most of their wealth in an inclusive environment. As products evolve,
consumers in historically underserved groups will feel better catered to and understood by the industry. Overall,
financial inclusion will become a widespread aim across the industry, as brands try to help consumers from all
backgrounds build a more financially secure future.
Inclusive Banking
Expected Trend Trajectory in the 2020s
Intensity
Trend
Now Next Future

(2023) (2024-2025) (2025-30)
Prolonged economic uncertainty will General promises of inclusivity will be Financial inclusion will be a widespread
energise calls for inclusive banking, with inadequate, and more financial service industry aim, and more consumers will
traditional financial services as well as providers will emerge that target very seek to ”bank-by-values”. More niche and
startups boosting efforts to lessen specific groups to better serve their unique tailored products will emerge that better
financial exclusion and support the needs and values. cater to previously underserved groups.
underbanked and unbanked.
Trend 4:
Humanised Banking
Trend 1 2 3 4 5 6 7 8 9 10
In 2020, there was a growing demand for human, natural,

and empathetic brand interactions via all channels (as a
counter-trend to the rise of more automated financial
services). Indeed, there is a growing expectation that
financial brands offer avenues to human service where
needed and that digital or automated services embed
human-like propositions to provide more consistent
customer experiences across offline and online channels.
In 2022, 57% of APAC consumers used a chat

messenger service to speak to a customer service
assistant at least monthly. 1 While such findings don’t
diminish the importance of face-to-face, human
interactions for a significant proportion of consumers,
they point to the rising preference and expectation of
more virtual engagement with financial brands in the
2020s.1
The current cost-of-living crisis is also driving a need for

more compassionate and supportive brand engagement;
helping customers navigate their financial future in
uncertain times with a strong degree of understanding
and empathy. As a result, the need for human-led brand
services will remain important, particularly in moments
when things go wrong, or the customer requires a
specific issue to be redressed.
1 Chat messenger service: Foresight Factory │ Base: 12884 APAC Average online respondents per country aged 16+ (10 countries), 2022 March
Trend 1 2 3 4 5 6 7 8 9 10
As a corollary, there will be growing demand for financial

brands to provide digital and convenient tools to engage 60% of Gen Z
consumers
with human customer service agents for more emotionally
responsive and empathetic support – from offering video
call services to using social media to communicate directly
with consumers. Indeed, a growing number of consumers
in APAC now use chat messenger
want brands to reply to posts about them on social media.
services to interact with brands on at
51% of APAC consumers agreed “I like it when brands
least a monthly basis.5
comment on posts about them on social media”.1
Direct to human customer service channels will likely be

of utmost demand for affluent consumers who seek
premium banking solutions. Trend in action
DBS uses big data, AI, and data analytics to meet HSBC in the UK offers a video call support feature
customers’ digital expectations and to enhance customer as part of its online advice service, My Investment.
experiences. The bank also embeds digital and data in its The new feature, Remote Assisted Digital6 allows
offline business, to ensure that its customers receive customers to complete a booking request through
consistent advice regardless of the touchpoint. For the My Investment public website page and
example, the Relationship Managers are equipped with organise a Zoom appointment to complete their
data-driven conversation pointers to enhance discussions applications. This follows the introduction of a
requiring complex advice. With technology evolving, DBS live chat functionality, which allows customers to
have on-screen conversations at any step of the
aims to deepen its expertise with AI-enabled machine
learning, conversational platforms, AR and VR among investment process with HSBC Wealth
Engagement Officers.
others. 2
India’s Axis Bank3, and global giants like JPMorgan and

Deutsche Bank are also exploring using ChatGPT and
similar AI tools to deliver enhanced conversational and
personalised services. 4
1 Comment on social media: Foresight Factory │ Base: 12604 APAC Average online respondents per country aged 16+, China, India, Malaysia, Singapore, South Korea, Thailand, Vietnam, Indonesia 16-54], 2022 March | 2 Mastering the AI
Advantage: How DBS Transformed Into a Digital Leader, DBS, https://www.retailbankerinternational.com/analysis/how-dbs-transformed-into-a-world-class-digital-leader/ | 3 Axis Bank May USE ChatGPT to Talk to Customers, Axis Bank,
https://www.moneycontrol.com/news/business/axis-bank-may-use-chatgpt-to-talk-to-customers-10840561.html | 4 Wall Street embracing AI: JPMorgan, Deutsche Bank and others are pushing into AI and ChatGPT-like bots, Business
Today, https://www.businesstoday.in/technology/news/story/wall-street-embracing-ai-jpmorgan-deutsche-bank-and-others-are-pushing-into-ai-and-chatgpt-like-bots-383949-2023-06-02 | 5 Foresight Factory │ Base: Generation Z
among 799-4869 online respondents per country aged 16+ [Brazil, China, India, Malaysia, Mexico, Russia, Singapore, South Korea, Thailand 16-74, UAE, Vietnam 16-64, Indonesia 16-54], 2022 March - APAC Average considered | 6 HSBC UK
Add New Video Call Feature to Its Online Advice Investment Service, HSBC, https://www.about.hsbc.co.uk/news-and-media/hsbc-uk-add-new-video-call-feature-to-its-online-advice-investment-
service#:~:text=Video%20call%20appointments%20are%20available,unique%20financial%20circumstances%20and%20needs.
Trend 1 2 3 4 5 6 7 8 9 10
Digital services that provide real-time assistance At present, the best examples of such technology
but with an empathetic voice will also be an
Trend in action being utilised are coming from outside the financial
important part of future services aimed at Malaysian bank CIMB introduced a sector, for example, in the mobility sector, the use
customers in financial distress. Looking ahead, conversational style, real-time chatbot for of AI to provide more human-like automated
digital platforms can be used not only to provide commercial banking called EVA. Referred to by services. Recently, the Geely Galaxy L6 PHEV3 sedan
real-time human services, but also as platform to the bank as their electronic relationship was unveiled in China. It is a plug-in hybrid electric
build communities; whether that be to create manager, it is available 24/7. It can handle vehicle that offers AI voice recognition and
enhanced brand to customer engagement, or numerous, simultaneous queries with the help interaction. The top models also support level 2
customer-to-customer interaction. of AI and Natural Language Processing. Many advanced driving assistance. At CES 2022, the AI
traditional financial institutions have launched software company Cerence unveiled its Co-Pilot,
Longer-term, financial brands will need to embed robo-advisory platforms and there is a an in-car assistant, that uses continuous learning to
real and simulated forms of human engagement via proliferation of fintech robo-advisors across predict and respond to the needs of passengers,
more instant digital channels. Indeed, there is a Asia. 2 analysing passenger voice, gaze, gesture, and touch
consistent uptick of using chat messenger services to understand preferences and personal
to interact with brands. In the 2020s, instant interactions accordingly.4
messaging channels will offer more convenient
The core challenge for brands will be to offer Such technology shows the potential for automated
means for customers to engage with financial brands automated solutions that can respond rapidly to AI services to become increasingly human-like,
when most needed. customer needs while maintaining a sense of human understanding and responding to the consumers’
interaction. Indeed, a core focus for financial brands state of mind and context in real time, with ever more
Seven in ten over the coming decade will be to increasingly

embed human-like propositions into fully
automated customer service and brand engagement
sophisticated forms of natural communication. In the
2020s, financial brands will need to invest in such
technologies to embed a more human feel in future
APAC consumers still say they channels. To achieve this, AI will be vital to provide automated services and functions. Indeed, this will
digital assistants that react and respond to become more critical as consumers experience
prefer to speak to a human being
customer needs in ways that seem empathetic and leading innovations in this space across their
when making a complaint about a emotionally responsive to the context and interactions with brands in other sectors.
challenges faced by the customer.
product or service.1
1 Compliant: Foresight Factory │ Base: 11377 APAC Average online respondents per country aged 16+, China, India, Singapore, South Korea, Thailand, Vietnam, Malaysia, Indonesia], 2021 March (Reported trend) | 2 AI is ascendant in APAC financial services,
Kapronasia, https://www.kapronasia.com/research/blog/ai-is-ascendant-in-apac-financial-services.html | 3 Geely Galaxy L6 PHEV sedan with 1,370 km range launched in China starting at $15,900, GizmoChina,
https://www.gizmochina.com/2023/09/19/geely-galaxy-l6-phev-sedan-1370-km-range-launched-china/ | 4 Cerence Co-Pilot, Cerence, https://www.cerence.com/static-files/f33e4c5a-38b3-448f-bd98-ebdecb84b184
Trend 1 2 3 4 5 6 7 8 9 10
Humanised Banking
Trend Intensity
Now Next Future

(2023) (2024-2025) (2025-30)
Financial insecurity among consumers Increased interest for brand Use of biometric and emotional
accelerates needs for human platforms that allow for community tracking technology quickly improves
interactions from finance brands to building and P2P customer interactions. the ability of automated brand
offer support and reassurance - seeing Growing investment in AI services sees services to mimic human interactions -
more brands add avenues for human customer expectations of humanized such services become the growing
customer services via digital channels. virtual channels grow quickly. norm across the sector.
Trend 5:
Purposeful Rewards
Trend 1 2 3 4 5 6 7 8 9 10
In the 2020s, rewarding consumers for adopting behaviours

that promote some form of social good and benefit will be a
key feature of B2C loyalty programs. In particular, rewards will
be aimed at nudging more eco-friendly and healthy habits.
65% of Gen Z
Moreover, the finance, banking and insurance sector is
consumers in APAC would be
optimally placed to capitalise on this trend due to the sector's
ability to access spending data to monitor and reward such interested in a financial service which
behaviours. linked to your bank account or credit
card and analysed personal spending
In times of economic uncertainty and financial pressures, it is no
surprise that consumers are becoming more focused on to help you budget better and meet
optimising their commercial choices—with customer loyalty at your personal financial goals.3
risk when brands fail to consistently provide value for money. In
2022, 29% of APAC consumers agreed with “If a brand I like
stopped offering promotions, I would stop buying the brand” –
compared to 24% who agreed with this statement in 2019.1
Trend in action
As brands face a mounting loyalty battle in the 2020s, banking,
finance and insurance brands are well placed to be industry Credit card company Ness1 promises to be ‘the card
leaders in driving new forms of customer reward. This is due to that keeps you healthy.’ The credit card offers five
two key reasons. Firstly, consumers are showing a growing times as many points for health and wellness and
interest in finance brands collecting and monitoring spending medical purchases, which can then be exchanged for
patterns to offer an improved service. Secondly, a growing area wellness-focused rewards such as exercise classes
of interest for loyalty schemes is reward programs that give and spa treatments. The brand also has a connected
discounts based on the customer adopting more eco-friendly digital platform, The Ness Well2, where it
actions. Almost two thirds (63%) of APAC consumers claimed to recommends health and wellness products that have
be interested in such a service.2 Taken together, it is clear that been rigorously tested by its team, as well as a
more purpose/value-based reward schemes will offer newsletter that helps subscribers discover new, high-
competitive edge in the 2020s, and financial brands are quality wellness products.
strongly placed to respond to such opportunities – due to the
sector's ability to access spending data to monitor and reward
purpose- or value-based actions.
1, 2 This Card is Wellness. Ness. https://nesswell.com/

Trend 1 2 3 4 5 6 7 8 9 10
There is also growing investment in this trend within the insurance sector. Taken together, the shifting consumer attitudes and expectations towards loyalty, combined with the
Avibra is an insurance company that describes itself as 'your personal early innovation apparent in the finance, banking, and insurance sectors, points towards a longer-term
wellbeing, risk, and protection advisor'. The company aims to help customers future where an increasingly common and successful part of B2C loyalty schemes are built around the
'be the best version' of themselves while also converting positive habits into notion of rewarding for social good. Moreover, the sector seems better placed than any to capitalise on
tangible rewards.1 As customers improve their physical health, personal, and this trend over the coming decade.
social relationships, meet their financial goals, and advance their careers,
Avibra rewards them with an increase in life insurance coverage. Customers
Purposeful Rewards
who complete Wellbeing Advisor activities – which include filling in a gratitude
journal, taking quizzes on wellbeing topics, meditating, watching videos on
how to boost financial and physical health, and doing a brain workout – earn
$10 of extra insurance coverage. Expected Trend Trajectory in the 2020s
The finance and banking sector is especially well placed to drive new forms of
reward schemes that encourage more sustainable behaviours. Having access
to consumer spending data, the sector has been an industry leader in building
Trend Intensity
eco and carbon tracking services. For example, DBS Bank’s LiveBetter is a
one-stop digital platform with a carbon calculator that automatically
generates a profile of the user’s eco-impact.2
Looking ahead, it is expected that more banking and finance brands will look
to incorporate such carbon and eco-tracking into loyalty scheme programs. A
sign of what is to come is provided by the US-based startup, Future, which
created a rewards card, in partnership with Visa, that offers a higher rate of
Now Next Future
cashback on spending that has a lower carbon footprint. The Visa FutureCard (2024-2025) (2025-30)
(2023)
provides 5% cashback on a range of purchases that are deemed to be ‘climate
New investment and start-up activity Advanced data tracking of eco and Growing differentiation in issues
smart’, including public transport, electric charging, second-hand clothes, and
sees purpose-led rewards provide health behaviors makes purpose customers care about, and better data
plant-based food alternatives. Again, the card also helps users to monitor their
carbon footprint.3 competitive edge for some finance reward schemes more sophisticated, technology to track engagement with
brands. Customer interest grows and accurate and tailored to the such issues, results in stable demand
In APAC, AXA Hong and Macau have a partnership with Carbon Wallet, a green a wider set of brands start to customer. Such advances result in for purpose rewards – but more
lifestyle reward platform, and have launched AXA Go Green Rewards, a innovation in this space. rapid adoption of such schemes by tailored to a wider set of topics/issues.
campaign that recognises customers’ efforts to reduce their paper use by brands.
opting for digitalised insurance processes.4
1 Live A VIBRAnt Life. Avibra. https://www.avibra.com/about | 2 DBS introduces first-of-its-kind digital sustainability platform LiveBetter to spur customers towards eco-friendly living. DBS.
https://www.dbs.com/newsroom/DBS_introduces_first_of_its_kind_digital_sustainability_platform_LiveBetter_to_spur_customers_towards_eco_friendly_living | 3 'Green Purchases' Earn High Cash-Back Rates With the FutureCard Visa Card. CNET. https://www.cnet.com/personal-
finance/credit-cards/futurecard-visa-card-review/ | 4 AXA partners with Carbon Wallet. Insurance Business America. https://www.insurancebusinessmag.com/asia/news/breaking-news/axa-hk-partners-with-green-platform-for-rewards-program-449812.aspx
Trend 1 2 3 4 5 6 7 8 9 10
Trend in action
In Singapore, UOB1 provides a holistic view of rewards in a single app

as part of its Rewards+ program. Customers can receive personalised
deals, grab exclusive coupons, search for deals, track cashback, and
rewards points, make QR payments, and redeem their rewards, all on
one platform.
UOB Rewards+ program features the bank’s proprietary digital

engagement engine, which brings together best-in-class solutions in
artificial intelligence (AI), machine learning, and data analytics to
personalise the reward experience for each customer.
Since its launch, the number of monthly coupon visitors increased by

an average of 50% month-on-month as the bank has continued to
drive greater value for its customers and merchant partners. The bank
also saw an increase of 14% in the number of transactions for
November 2022 against November 2021. 2
1, 2 Best Customer Loyalty/Rewards Initiative is Rewards+ by UOB Singapore. The Asian Banker. https://www.theasianbanker.com/press-releases/best-customer-loyalty/rewards-initiative-is-
rewards-by-uob-singapore-2023
Trend 6:
New Payment Frontiers
Trend 1 2 3 4 5 6 7 8 9 10
Driven by the increased digitisation of payment

technologies, the COVID-19 pandemic, and the 27% of global consumers are using their Across APAC, 81% have already used or
growing need for convenience in point-of-sale (POS) smartphones to analyse their expenses on a are interested in biometric payments
using fingerprints. 4
systems, consumers are making use of more digital daily basis.
payment methods, which are slowly becoming the As more people go online for their
default. In the coming years, digital technologies will
allow consumers to use a range of payment methods,
Over 1/3 consumption needs, businesses must
keep pace with digital experiences to
from e-wallets to cryptocurrencies, further strengthen trust and loyalty.
Gen Z (37%) and Millennials (35%) respectively. 2
increasing expectations and making the POS more
Contactless, mobile, and biometric payments
efficient and convenient than ever.
Looking ahead, the cost-of-living crisis and continued downward will steadily become the default within the next
Throughout the rest of this decade, contactless pressures on consumer spending will increase the need for consumers three to five years.
payments will continue to rise at the expense of cash, to have control over spend and budget accordingly. The shift towards
digital payments will become the default, and e- a cashless society provides some respite for consumers concerned By 2025, it is predicted that two in
wallets will increasingly bypass traditional banks. about money and financial risk, since it allows them to receive instant five (41%) of the global population
Indeed, there has been a steady uptick in consumers payment notifications, low balance alerts as they spend, and other will have used their fingerprint as a
using their smartphones as payment devices over the clever perks.
last two years, with 46% of global consumers
form of I.D. to make a purchase, up
indicating that they used their mobile devices to pay As consumers continue to adopt a digital-first approach to personal from just one in four (24%) in 2018.
for something at checkout— rising to 54% among finances, it will create ever more fertile space for online-only As is the case today, uptake will
Millennials.1 challenger banks and wealth management services, as well as remain highest among consumers in
alternatives to fiat currencies such as cryptocurrencies. Today, we are
A key driver for future contactless payments will
emerging Asia, with China and
already seeing brands that are working in collaboration to provide their
continue to be convenience: cashless payments are customers with expanded financial services and payment methods—so
Vietnam predicted to have the
efficient, secure, and also allow the consumer to use that consumers can pay in the way that is most convenient or accessible highest levels of usage by 2025.5
tools to analyse their spending. to them. For example, Venmo offers a feature that allows users to
convert their cashback rewards into cryptocurrencies. Similarly, other
Through integration with mobile and app interfaces,
financial groups are also expanding their digital offerings. Partnering with
cashless payment methods enable tracking, monitoring,
Tradeshift, a supply chain payment platform, HSBC has ramped up its
and scrutiny of spending for automated and integrated
digital offerings by embedding financial solutions into trade, e-commerce,
budgeting purposes, giving the consumer full control
and marketplace experiences. 3
over their expenditure and purchasing habits.
1 Mobile payment: uptake and interest - Survey year: 2022 March, Base: 12884 | 2 2 Foresight Factory | Base: 39400 online respondents aged 16+, Global Average (27 markets), 2022 March | 3 Tradeshift & HSBC team up on embedded finance joint venture. FinTech Magazine.
https://fintechmagazine.com/articles/tradeshift-hsbc-team-up-on-embedded-finance-joint-venture | 4 PayPal. https://www.paypal.com/in/home | 4, 5 Biometric payment using fingerprints: uptake and interest ([Which of these things have you done already and which are you interested
in doing in the future?" Used my fingerprint as a form of I.D. to make a purchase by tapping or scanning it) - Survey year: 2022 March
Trend 1 2 3 4 5 6 7 8 9 10
Trend in action This shift will give rise to new currencies, too, such
as paying with one’s ‘likes’ on social media or
Filipino oil company Cleanfuel1 in February 2021 partnered positive interactions with a brand or using exclusive
with social app Lyka to allow customers to pay brand currencies awarded in return for loyalty.
for gasoline using Lyka Gems, which are awarded in
In APAC, smartphone penetration will exceed 99%
recognition of user interactions on the platform, such as
by 2024, enabling an additional 67 million
rating posts or having posts rated by others. Partnering
individuals to adopt mobile payments as they will
merchants and businesses can print QR codes for app users
possess the necessary hardware to conduct near-
to scan and pay for real-world goods with their Lyka Gems.
field communications payments via their handsets.3
In this way, customers were able to pay to refuel their
vehicle with interactions and time spent on social media.
In the next 5-plus years, everyday payments
will be feasible with a wide range of methods
and currencies, and POS may even be removed
altogether (as exemplified in Amazon Go’s4
Rise of cryptocurrency in APAC checkout-free stores). For consumers, this
Countries in Southeast Asia are excited about blockchain represents the ultimate convenience as
technology with 41% of cryptocurrency owners describing purchasing is seamless and payments
themselves as risk takers. Cryptocurrency ownership is on automatic. Despite convenience being the key
the rise across APAC where millennials form the largest driver of new payment frontiers, brands will
need to reassure consumers that they have the
group of crypto owners and 36% of cryptocurrency owners
choice and ability to pay on their terms—
in APAC being female. Most consumers support the
proving a variety of physical and digital
government regulating cryptocurrency but are doubtful payment options to meet individual needs and
what the future holds. 2 ensure no one is left behind.
1 Cleanfuel partners with Lyka App for Trendy Cashless Payments. Clean Fuel. https://www.cleanfuel.ph/cleanfuel-partners-with-lyka-app-for-trendy-cashless-payments/ | 2 10 cryptocurrency
trends in APAC to keep you ahead of the curve. GWI. https://blog.gwi.com/marketing/cryptocurrency-trends-apac/ | 3 Contactless Payments: Key Opportunities, Emerging Trends & Market Forecasts
2022-2027, Juniper Research. https://www.juniperresearch.com/researchstore/fintech-payments/contactless-payments-research-report | 4 Amazon Go. https://amazon.com/go
Trend 1 2 3 4 5 6 7 8 9 10
Anxieties and the underbanked in developing Asia

Around half of the 600 million economies. 2020 2021
Other 1% 0.5%
inhabitants in Southeast Asia are 3% 3%
2%
4%
either unbanked or underbanked. In Vietnam, for example, banks Pre-paid Card 6% 7%
The scale of the problem varies by must ensure half of all 4%
country, but many in Asia live transactions are digital by 2025. Cash on Delivery 7%
rurally, where it is costly to The ability to meet diverse APAC e-com Debit Card
provide physical banking financial needs at various life payment methods3 18%
infrastructure and access to basic stages is key to the success of Bank Transfer 60% 19%
65.5%
financial services is an issue. financial institutions in Southeast
Credit Card
Asia, a booming region that
Despite the accelerating shift to expects $4.7 trillion in Gross Digital/Mobile Wallet
digital payments, almost 1 in 5 Domestic Product (GDP) by 2025 O
users in Southeast Asia would still and where 70% of the adult
2024 ’’ rC
2020
rather pay with cash, according to population is still unbanked or 0.5%
3%
Charge Card 3.5% 1%
a recent study by Kaspersky, underbanked. 3%
3%
noting that most of them were at POS Financing
least 55 years old and above. 1 Banks, too, have to match their 15% 15%
Pre-paid Card
solutions to the specific needs of APAC POS 40%
According to the study by a customers instead of delivering Debit Card
Russian cybersecurity firm titled, one-size-for-all solutions.
payment methods3 48%
Credit Card
‘Mapping a secure path for the 19% 20%
future of digital payments in Cash
APAC,’ 21% of respondents in the
region admitted to having Digital/Mobile Wallet
19% 11%
anxieties when completing online
transactions. Older adults are not
from the internet age so their Democratising commerce and helping the underbanked
worries are understandable. As
Southeast Asia’s economy is driven by the 70 million offering its greatest potential.
per the survey, 20 % of the
micro, small, and medium enterprises. Underbanked,
respondents from the silent mostly accepting only cash payments and paying their These businesses face an online future and a
generation found it challenging to employees and suppliers in cash, these enterprises are requirement to develop the capabilities to
do online transactions. 2 the reason that 60% of the region’s Gross Transaction accommodate the browsing and purchasing habits of
Value is cash-based. young and digitally savvy consumers.
To boost financial inclusion, many
governments in the region are Such dominance of physical currency is the largest Cash usage is still dominant in Thailand, the Philippines,
taking steps to digitize their competitor to digital payment platforms while also and Indonesia. 4
30
1,2 Older adults in Southeast Asia still wary of cashless payment. Inquirer.net. https://newsinfo.inquirer.net/1591344/in-southeast-asia-older-adults-still-wary-of-cashless-payment#ixzz8EV0OfSSG | 3 Source of graphs: Worldplay from FIS, Global Payments Report, 2021 | 4 https://www.macquarie.com/au/en/perspectives/delivering-digital-financial-inclusion-
in-southeast-asia.html
Trend 1 2 3 4 5 6 7 8 9 10
New Payment Frontiers

Trend Intensity
Now Next Future

(2023) (2024-2025) (2025-30)
Cost-of-living concerns will drive some Continued bank branch and ATM closures Everyday payments will be feasible with
to increase their use of digital payments will make digital payments the default. E- a wide range of methods and currencies,
to reap the benefits of integrated money wallets will bypass traditional banks, and including biometrics, crypto and personal
management. tools, while others will cryptocurrencies will become a more data. But calls for inclusivity and mounting
return to cash as a more tangible way to widely accepted payment method. privacy concerns will slow some uptake.
budget.
Trend 7:
The Investment Revolution
Trend 1 2 3 4 5 6 7 8 9 10
The emergence of trading apps and the growing amounts. Fractional shares allow consumers to purchase Moreover, in the face of a boom in investing, many
sophistication of AI is set to revolutionise and democratise stocks at a set price amount, rather than by number of consumers will fear being left behind, seeking reliable
when and how consumers invest. While the current cost- shares – meaning the consumer can purchase parts information on how to safely and successfully invest their
of-living concerns will dampen the pace of this trend, as of/less than one share (e.g., half a share or 1.5 shares). This money. While many will turn to how-to videos and online
consumers look to shorter-term financial planning, the enables consumers to access more expensive stock from tutorials in order to gain expertise, others will look to social
desire to build long-term resilience and maximise savings larger companies and the building of more diverse investing platforms, turning to peers and apps that enable
will see this trend fully energised later in the decade. portfolios for those who are new to investing and may social investing for advice. In light of this, educating
have limited initial funds at their disposal. consumers about risks, facilitating community discussion,
and encouraging long-term thinking will become central
Following the 2008 financial crisis, as the financial industry
pillars to digital investment offers.
sought to reinvent itself and attract consumers back to Consumers, especially younger consumers, are looking at
investing, the first AI-based services and trading apps investment opportunities to find alternative routes to
emerged. These have come a long way, accelerated by future savings.
mainstream access to smartphones, developments in APAC consumers are investing
machine learning technology, and the emergence of Open
There's growing engagement in investment with 45%
Banking – a practice that allows banks and third-party Our trended data indicates growing
APAC millennials reporting having investment
financial service providers to secure access to banking and engagement with investment accounts accounts in 2022.3
other financial data. by younger age groups: the proportion of
APAC millennials who have Over 70% of Singapore and Hong Kong millennials say
Cryptocurrencies have enjoyed front page media coverage, stocks/investments grew from 31% in ESG is a priority – up by 6% points compared to 2021,
and while sentiment has not always been positive, the 2020 to 45% by 2022.2 with 68% actively reviewing sustainability reports and
potential for quick returns has encouraged many young and credentials before making an investment.4
less risk-averse consumers to invest for the first time.
The gamification of investing, which refers to the addition of 1 in 2 millennial investors engage with a financial
Similarly, ‘Meme stocks’ have gained a cult-like following
features to make the experience more appealing and fun, adviser to manage investments, and 92% said that
online, building hype around a stock through conversations
will be a key characteristic of trading apps as a way to they received useful advice.5
on platforms such as Reddit, Twitter, and Facebook. They
engage younger consumers. However, this approach has
are attracting many new investors that want to be a part of
recently been criticised for making risky trades seem like a 54% of millennials have no financial plan, while one-
the movement - as seen in the surge in value of companies
trivial game. Negative commentary and connotations of third of those with a plan have included the cost of
such as GameStop and AMC in 2021.1
addiction will grow, resulting in potential regulatory inflation. 75% of those with no plan are making
interventions to help protect vulnerable investors. Brands lifestyle sacrifices to secure retirement, a lot higher in
Digital wealth platforms will keep growing as more
will need to prioritise the long-term game plan over short- comparison to the 56% of millennials with a plan.6
consumers seek easy and cheap access to investments.
term fun as they try to introduce more responsibility and
Moreover, access to fractional shares will be key to
safeguards into online investing.
encouraging a wider audience to start investing with small
1 What Are Meme Stocks, and Are They Real Investments?. Investopedia. https://www.investopedia.com/meme-stock-5206762 | 2,3 APAC Average online respondents per country aged 16+,2022 March. Foresight Factory | 4,5,6
SJP Asia - Study finds Singapore and Hong Kong Millennials Charting a New Course in Wealth Management for Future Generations. Hubbis. https://www.hubbis.com/news/sjp-asia-study-finds-singapore-and-hong-kong-
millennials-charting-a-new-course-in-wealth-management-for-future-generations
Trend 1 2 3 4 5 6 7 8 9 10
In the longer term, as consumers overcome their reticence to

trust artificial intelligence, investment advice disseminated by AI will
start to enter the mainstream. This will democratise access to
The Investment Revolution
personalised advice, a practice historically reserved to those with Expected Trend Trajectory in the 2020s
higher incomes and in-depth knowledge of financial markets, as AI
will be able to offer the service at a cheaper price point than human
professionals.
60% of APAC consumers (and 66% of
Trend Intensity
millennials) already show interest in an
investment service that uses AI to automatically
decide where to invest their money.1
In the face of rising inflation, consumers will end up with less

money in their pockets at the end of the month. This may subdue
the uptake of this trend to some extent, as many will need to apply
a more short-term lens to their spending. These consumers will
gravitate to current accounts that automatically move any extra
funds into investment portfolios as they become more common, Now Next Future
(2023) (2024-2025) (2025-30)
and consumers are urged to make the most of any spare cash.
But quickly, the returns offered by a stabilising global market and the The cost-of-living-crisis shifts focus As the current crisis is abated, the need to AI makes investment services better
desire of younger consumers to catch up with savings and to short-term financial planning and build longer-term financial resilience will able to tailor portfolios to the precise
investments will energize the trend once the current crisis has subdues interest in using savings for future see more consumers make use of the needs of each user. Ease of access,
abated. investments, as consumers look to build growing number of flexible investment and promise of longer-term returns,
resilience for the immediate future. services made available. sees the trend accelerate and expand
across the customer landscape.
1 Foresight Factory | Base: 2889 APAC Average online respondents per country aged 16+[ China, South Korea], 2022 January
Trend 8:
The Credit Makeover
Trend 1 2 3 4 5 6 7 8 9 10
Though traditionally consumers have relied on BNPL, a further 32% of the global consumers
credit cards to avoid paying the full price of aged 25-34s claimed to be interested in using Trend in action
products upfront, the rise of the Buy Now, Pay BNPL in the future.2. Indian fintech, CRED has rolled out a BNPL service and a tap-to-
Later (BNPL) option has empowered consumers pay feature to broaden its offerings in order to boost engagement
Consumers with low or no credit scores will be the
with cheaper and more flexible credit options and monetisation on the platform.
main audience for BNPL, as it provides a cheaper
than ever. In the 2020s, BNPL is set to become an
way to access credit and obtain products and CRED’s foray into the BNPL category will allow customers to make
increasingly popular way to pay for products and
services without paying the full price of an item seamless payments on the app across more than 500 partner
services. But as economic uncertainty continues,
upfront. During the COVID-19 pandemic, merchants, including Swiggy, Zepto, and Urban Company. Users
and awareness of the importance of financial
consumers’ need for flexible purchasing options can clear the bill at no charge in 30 days. 3
wellbeing grows, consumers will look for ways to
was clear for their peace of mind. In a similar vein,
reduce the amount of credit they take on—also
BNPL services are now being used within the Joining the BNPL race, Standard Chartered Singapore has
raising calls for more ethical financing
travel industry. partnered with Atome to offer a wide-suite of payment options to
alternatives.
its customers. This partnership will help promote financial
Historically, BNPL services have been inclusion for millions across Singapore. With the success they’ve
With cash payments on the decline, contactless
reserved for big-ticket items, but now seen in Singapore and Indonesia, the two brands plan to roll out
payments on the uptick, and the cost-of-living
consumers in many markets can pay in this service in Malaysia as well.4
crisis hitting consumers hard, many are seeking
instalments for low-cost purchases, too. In
alternative methods to pay for and finance
time, this will be available in more categories,
purchases of products and services—with the
such as consumer packaged goods (CPG). This Trend in action
ability to pay in instalments instead of paying
shift towards more accessible and smaller
upfront an appealing option. By March 2022, Apple has introduced a BNPL functionality to its Apple Wallet in
credit payments has allowed previously
38% of APAC consumers had already used a the form of Apple Pay Later. This will allow users to split the cost
absent sectors such as beauty, fashion, and
BNPL service while shopping. Uptake will likely of an Apple Pay purchase into four equal payments spread over
haircare to become prominent within the
continue to increase as the crisis boosts the six weeks, with zero interest and no fees of any kind. The
BNPL space.
need for credit among some consumers. A upcoming service will use Goldman Sachs Group Inc. as the
Mastercard survey found that 50% of APAC lender for the loans needed for the instalment offerings.
consumers report being comfortable using BNPL Meanwhile, brands such as Zilch are bypassing BNPL brands by
today, a proportion that stands at 41% allowing consumers to pay in instalments at any retailer,
globally.1 On top of the 35% already using regardless of whether they offer the service in-house. The start-
up provides ‘tap and pay over time’, a feature that allows
shoppers to spread the cost of in-store payments over six weeks. 5
1 APAC consumers ahead in digital payments uptake: new Mastercard research finds institutional support and buy-in key to even greater adoption. Mastercard. https://www.mastercard.com/news/ap/en/newsroom/press-releases/en/2022/apac-consumers-ahead-in-digital-payments-uptake-new-mastercard-research-
finds-institutional-support-and-buy-in-key-to-even-greater-adoption/ | 2 Base: 12884 online respondents aged 16+, APAC Average (10 markets), 2022 January. Foresight Factory | 3 Indian fintech CRED adds buy now, pay later and tap to pay offerings. Tech Crunch. https://techcrunch.com/2023/02/26/cred-bnpl-and-
tap-to-pay/ | 4 Standard Chartered and Atome partner to expand financial access and inclusivity. The Asian Banker. https://www.theasianbanker.com/press-releases/standard-chartered-and-atome-partner-to-expand-financial-access-and-inclusivity | 5 Apple Wallet Updates: Apple Pay Later, Tap to Pay on iPhone and
More. CNET. https://www.cnet.com/tech/mobile/apple-wallet-updates-apple-pay-later-tap-to-pay-on-iphone-and-more/ | 6 MUFG to start 'buy now, pay later' service with Kanmu acquisition. NIKKEI Asia. https://asia.nikkei.com/Business/Finance/MUFG-to-start-buy-now-pay-later-service-with-Kanmu-acquisition
Trend 1 2 3 4 5 6 7 8 9 10
With convenience being the main driver of BNPL, brands

Digital Lending in Southeast Asia
are under pressure to meet ever-increasing consumer
expectations and make POS services more flexible, The digital lending industry, which includes BNPL,
seamless, and transparent. is forecast to hit $92 billion in transaction value
in 2025 in Southeast Asia, up from $23 billion in
45% of global consumers prefer

BNPL services over credit cards
2020.
The market is dominated by specialised fintech

startups such as Kredivo, Atome, and Akulaku,
because it’s easier to make payments.1 that use advanced technology and leverage
investment support to aggressively expand their
However, while BNPL services have been rapidly footprint, broaden their customer base and
increasing in popularity, they have recently come under continuously enhance their BNPL capabilities.3
fire for not being transparent enough about their impact Notably, GoTo Group’s GoPayLater enables users
on customers’ credit scores and for encouraging on Indonesia’s leading marketplace, Tokopedia,
consumers to get into more debt than they can afford. and in the GoTo ecosystem (Gojek and GoPay) to
Indeed, 28% of European consumers say they do not feel split lump sum payments for purchases into
like they are taking on debt if they pay using a BNPL monthly instalments over one, three, six, or
service, while 18% are unsure whether it would be twelve months.4
considered as debt or not.2 Such uncertainty could cause
problems for consumers down the line and represents a
key factor in the argument for regulation.
Looking ahead, as financial wellbeing becomes

increasingly tied to general wellbeing, tighter regulations
and controls on marketing and the use of BNPL services
might follow to protect vulnerable consumers. Living
through numerous financial crises, consumers are
becoming aware of how BNPL brands can glamorise
unsustainable spending—for instance, encouraging
unemployed consumers to buy goods they cannot afford.
1 Buy Now, Pay Later Statistics and User Habits. C+R Research. https://www.crresearch.com/blog/buy-now-pay-later-statistics | 2 The psychology of debt: seeing debt for what it is.
ING. https://think.ing.com/articles/the-psychology-of-debt-seeing-debt-for-what-it-is | 3, 4 Mastercard’s Study Shows That Buy Now, Pay Later Is Rising in Popularity in APAC. Fintech
News. https://fintechnews.sg/66423/lending/mastercards-study-shows-that-buy-now-pay-later-is-rising-in-popularity-in-apac/
Trend 1 2 3 4 5 6 7 8 9 10
Along with a foreseeable increase in regulation, we are likely to see the The Credit Makeover
emergence of ethical alternatives to BNPL. Save-to-buy, for instance, is
regarded as a more virtuous competitor, helping consumers save up so they can
afford to buy items outright rather than relying on credit. In 2020, 62% of APAC
consumers said they would rather save up for something than buy it on credit,
suggesting save-to-buy products will become popular.1
Intensity
Trend
Trend in action
Australian challenger bank, Up Bank, developed Maybuy, a save-to-buy
service that creates an automated savings plan for users looking to buy
something online. Once the target has been reached, the user can choose to
either buy the item or, if their plans change, to put the money to a different
use.2
Now Next Future

Considering ongoing economic uncertainty, save-to-buy may cause interest in
(2023) (2024-2025) (2025-30)
BNPL to decrease. Enhanced awareness of financial wellbeing will also mean
that consumers are wary of taking on too much debt. Nevertheless, BNPL will
Continuing economic uncertainty Continued bank branch and ATM Everyday payments will be
continue to appeal to consumers as a means of fully embracing the present,
will drive some to increase their closures will make digital feasible with a wide range of
despite financial concerns. BNPL offerings across retail and travel are enabling
use of digital payments to reap payments the default. E-wallets methods and currencies, including
people to ‘live now, pay later,’ something particularly appealing to younger
the benefits of integrated money will bypass traditional banks, biometrics, crypto, and personal
generations. By some predictions, BNPL could account for a 4% share of APAC
management tools, while others and cryptocurrencies will data. But calls for inclusivity and
e-commerce payments by 20263. This will lead to BNPL and other alternatives
will return to cash as a more become a more widely mounting privacy concerns will
becoming the preferred way for many to pay, disrupting traditional lines of
credit. tangible way to budget. accepted payment method. slow some uptake.
38
1 Base: 787-4746 online respondents per country aged 16, 2020 May. Foresight Factory. | 2 Is lay-by making a comeback? Australian bank launches 'save now, buy later' scheme. 9News. https://www.9news.com.au/national/australian-bank-
up-save-now-buy-later-scheme-maybuy/b15a110e-9f8f-47ff-b782-7c31123b2104#:~:text=Maybuy%20will%20create%20an%20automated,by%20bit%20before%20buying%20something | 3 BNPL to account for 4.1% of Asia-Pacific e-
commerce payments in 2026, estimates GlobalData.Global Data.https://www.globaldata.com/media/banking/bnpl-to-account-for-4-1-of-asia-pacific-e-commerce-payments/
The Credit Makeover
BNPL payments as a share of e-commerce Major BNPL startups APAC 2022,
payments APAC 2022, by country by total funding
Share of payments value Amount of funding in million U.S. dollars

16% 600
14% 500
14% 500
12% 400
10% 281.4 300

10%
200
8%
74.75 100
6% 27 27
5% 1.8 6.78 15
4% 4% 4% 4% 0
4%
PayRight (Australia)
iCare Benefits Group
QisstPay (Pakistan)
Fundiin (Singapore)
Openpay (Australia)
Limepay (Australia)
Rely (Singapore)
Atome (Singapore)
3%
2%
(Singapore)
2%
1% 1% 1% 1%
0%
India
Vietnam
Philippines
Taiwan
China
Australia
Thailand
Hong Kong
Indonesia
Japan
New Zealand
Singapore
Malaysia
Note(s): Asia, APAC; 2021 | Source(s): Global Payments Report 2023, pages 46 to 72; Worldpay; ID Note(s): Asia, APAC; as of March 28, 2022 | Source(s): CrunchBase; ID 1299048
1298803
39
Trend 9:
AI-Powered Insurance
Trend 1 2 3 4 5 6 7 8 9 10
The growing sophistication of AI is set to transform the money to save time. 3

experience of buying insurance and making claims. From
automating the issuing and claims process of insurance, Such findings indicate that there will be an increased
to being able to respond to real-time events via the use demand for more efficient and convenient financial and
of advanced data collection and smart environments, insurance services, and more and more consumers will be
consumers in the 2020s will have access to more prepared to pay a premium for such benefits.
efficient and on-demand insurance services supporting
them in their quest to build personal resilience to future
In the 2020s, finance, banking and insurance brands will
financial and climate risk. have access to new technological advances that will
enable them to respond to the dual consumer demand for
Technological advances will enable insurance brands resilience and convenience. Today, the financial sector is
to target a growing set of consumer needs in the increasingly able to use big data to underwrite policies
2020s – resilience and convenience. Consumers have with active involvement from the customer no longer
experienced significant levels of uncertainty in recent required. Car, home, and contents insurance are set to be
years, from the pandemic through to the current first to be automated, as risks and an item’s condition can
prolonged period of inflation. This sense of ‘never be easily verified using widely available metrics, such as a
normal’ times has resulted in consumers seeking to car’s age or a house’s flood risk. At the same time, there
build resilience against potential future risk. In 2022, are also new start-up companies aimed at providing
more than half (54%) of APAC consumers felt at risk bundled insurance products for increased convenience.
from financial hardship over the coming five years.1
Such concerns will increase the demand for insurance
and financial services that people are confident will Trend in action
provide the assistance needed; where and when most
Insurtech bolttech received a funding of $196
required.1
million at $1.6 billion valuation.4 The funding was led
by Tokio Marine,5 Japan’s first insurance company.
Concomitant to such demands, consumers are also Other participants included new and existing
increasingly showing interest in more convenient shareholders, like life insurance leader MetLife
products that can be efficiently and effortlessly through its subsidiary MetLife Next Gen Ventures 6
tailored to their needs without significant time and Malaysia’s sovereign wealth fund Khazanah
investment. In APAC, 47% of consumers claim to feel Nasional 7. The Series B will be used on bolttech’s
under the pressure of time in their everyday life. The proprietary technology, aiming to pioneer the use of
figure rises to 53% of Gen Z.2 This figure rises even AI, advanced analytics, robotic automation, and
further reaching 56% of Millennials globally.2 Further, machine learning in its operations.
more than 5 in 10 consumers are willing to spend
1 Perceived risk of financial hardship : Foresight Factory │ Base: 799-4869 online respondents per country aged 16+[Brazil,China,India,Malaysia,Mexico,Russia,Singapore,South Korea,Thailand 16-74,UAE,Vietnam 16-64,Indonesia 16-54],
2022 March | 2 "I am often under time pressure in my everyday life": Foresight Factory │ Base: 789-4747 online respondents per country aged 16+[Brazil,China,India,Malaysia,Mexico,Russia,Singapore,South Korea,Thailand,UAE,Vietnam
16-64,Indonesia 16-54], 2020 May | 3 "I am willing to spend money to save time“: Foresight Factory │ Base: 790-4719 online respondents per country aged 16+[Brazil,China,India,Mexico,Russia,Singapore,South
Korea,Thailand,UAE,Vietnam 16-74,Malaysia 16-64,Indonesia 16-54], 2021 March | 4 Insurtech bolttech gets $196M at $1.6B valuation from investors like MetLife. Techcrunch. https://techcrunch.com/2023/05/17/bolttech/ |
5 Tokio Marine. https://www.tokiomarinehd.com/en/company/ | 6 Metlife Next Gen Ventures. https://www.metlife.com/NGV/ | 7 Wealth Fund wealth Khazanah Nasional. https://www.khazanah.com.my/
Trend 1 2 3 4 5 6 7 8 9 10
Looking ahead, growing investment in AI

will quickly improve the capabilities of
insurance and finance brands to provide
automated, personalised and speedy
services. In particular, the combined use of
OCR to automate the review of
information related to an insurance claim
and NLP to automate the review of a
customer’s policy. There are a growing
number of start-ups aimed specifically at
utilising such technology. For example,
Sprout.ai 1 is a start-up that uses AI to help
insurers settle claims within 24 hours. The
company uses OCR to review all required
information and then uses NLP to map that
information to the customer’s policy
documents in order to automate the entire
claims procedure. Utilising such
technology will provide consumers with
greater confidence that their claims can be Trend in action and the presence of overhanging trees can be assessed in real
time to support the underwriting process. The new data will be
resolved as efficiently as possible, Today, insurance companies such as US-based Hippo automatically integrated into the purchasing flow for
responding to their unique needs closer to Insurance 2 have already developed a rapid home insurance prospective customers, ensuring that they have the most
real time. offer via a partnership with Cape Analytics 3, a company that accurate information when buying protection for their home.
uses AI and geospatial imagery to provide real-time property For existing customers, this will reduce the need for in-
Technological advances will also open intelligence. With Cape Analytics' machine learning algorithms, person agent visits, delivering a ‘streamlined home insurance
up wider access to more instant Hippo will be able to target specific property characteristics experience year after year’. Hippo will also proactively reach
insurance coverage for consumers. and tailor policies, accordingly, providing accurate levels of out to customers to make recommendations to mitigate
coverage for each home and premiums unique to the property. potential issues, as the geospatial analytics tech captures
For example, factors such as the roof’s condition, garden debris changes to a property’s condition continuously.
1 Sprout.ai is a start-up that uses AI. Sprout.ai. https://sprout.ai/ | 2 US-based Hippo Insurance. https://www.hippo.com/
|
3 Cape Analytics. https://capeanalytics.com/
Trend 1 2 3 4 5 6 7 8 9 10
Innovations in
AI-powered insurance
companies in APAC
AXA Insurance has introduced a new AI-powered financial planning tool in Asia
called MyFinScore, which helps customers keep track of their financial health
and discover solutions that can address their needs and goals. 1
It helps a customer measure their financial satisfaction score calculated using

an individual’s financial goals as well as existing savings and protection
coverage against simulated personal and market risks that determine one’s
future financial health. It will also offer customized product recommendations
to help customers improve their scores.
MyFinScore comprises a series of questions that cover personal finances,

financial priorities, goal aspirations, lifestyle expectations, and risk tolerance
Trend in action technologies, Daido is streamlining underwriting
and can be completed in three minutes.
processes, minimising redundant tasks, and freeing up
Japan’s Daido Life Insurance Company has been
human advisors for higher-level tasks.
In India, Plum, an insurtech company has launched an AI-powered tool called granted a patent for an AI-based medical
PolicyGPT. 2 underwriting solution co-developed with Accenture Artivatic.AI launches a smart underwiring platform
The new underwriting solution uses AI to provide a In 2021, Insurance technology startup Artivatic.AI
PolicyGPT is a chatbot created using the Open AI GPT-3 architecture primarily
preliminary assessment. The solution draws out data launched ‘AUSIS’, a smart underwriting platform for
to educate users about their health insurance policies. It provides users with
points from the applicant’s medical records and exam better risk and fraud analysis. AUSIS is a smart, AI-
information about their policies purchased from Plum. The chatbot has access
results that will be key to the underwriter’s evaluation. based underwriting platform with personalised pricing,
to user policy details and general knowledge of health insurance. It will soon Designed by Accenture’s data scientists and experts risk, and decisions too. It helps to process and digitise
have features such as voice recognition, policy advising, translation of the text from the insurance industry, the algorithm creates a medical records, KYC, and application forms to verify,
into regional languages, generating insights by analyzing large volumes of data simple visualisation of the AI’s preliminary assessment. and build personalised profiles in combination with
and identifying patterns, trends, and anomalies. 3
historical data and business rules of the product. This
platform enables in-depth individual health-risk
The solution aims to improve customer experiences
analysis and suggests the underwriting decision in less
through streamlining processes and increased AI-
than 60 seconds. 6
human collaboration. By leveraging AI and other digital
1 AXA launches new AI-powered financial health tool. Insurance Asia. https://insuranceasia.com/insurance/news/axa-launches-new-ai-powered-financial-health-
tool | 2 Health insurance start-up Plum launches AI-powered tool PolicyGPT. Business Standard. https://www.business-standard.com/companies/news/plum-
launches-ai-powered-policygpt-to-guide-customers-on-educational-info-123042001002_1.html | 3 Japan’s Daido Life Insurance Company has been granted a
patent for an AI-based medical underwriting solution co-developed with Accenture. Accenture Newsroom. https://newsroom.accenture.sg/asia-
pacific/news/daido-life-insurance-company-granted-patent-for-ai-based-medical-underwriting-solution-developed-with-accenture.htm | 4 Artivatic launches 43
smart AI underwriting platform named AUSIS to provide faster life and health insurance. Financial Express.
https://www.financialexpress.com/healthcare/healthtech/artivatic-launches-smart-ai-underwriting-platform-named-ausis-to-provide-faster-life-and-health-
insurance/2376765/
Trend 1 2 3 4 5 6 7 8 9 10
Longer term, automated claims will become increasingly hyper-

personalised as the rise of smart and connected environments allows
AI-Powered Insurance
claims to be triggered and verified in real time against the precise risks Expected Trend Trajectory in the 2020s
that the insurance policy covers. For example, insurance companies
such as Yokahu and Bounce are now using live satellite or GeoNet
Intensity
Trend
data to identify customers who have experienced a hurricane or an
earthquake and automate pay outs accordingly. For example, Yokahu
offers home insurance policies that pay out automatically if your home
is hit by a hurricane at a specific speed (with the amount pre-set to a
certain range of wind speed in miles per hour).1 Meanwhile, Canada-
based Bounce is an insurance start-up who announced in 2021 a
partnership with Lloyd’s 2 to offer affordable earthquake insurance and
fast claims payments. Bounce uses GeoNet data to identify which Now Next Future
consumers have experienced a strong earthquake. Once the seismic
trigger has been reached, the claim is paid within days to help
customers with immediate cash flow issues. Payments are determined
by the strength of the quake, with stronger earthquakes generating
higher pay outs. (2023) (2024-2025) (2025-30)
As concerns about the impact of specific climate related events such Cost-of-living concerns will Continued bank branch and ATM Everyday payments will be feasible
as floods or wildfires continue to grow, such services will increasingly drive some to increase their closures will make digital with a wide range of methods and
use of digital payments to payments the default. E-wallets currencies, including biometrics,
appeal to consumers who will come to expect that financial and
reap the benefits of integrated will bypass traditional banks, crypto and personal data. But calls for
insurance brands will use the latest advances in AI to provide solutions
money management. tools, and cryptocurrencies will inclusivity and mounting privacy
that can respond to potential environmental risks in real-time. while others will return to cash become a more widely accepted concerns will slow some uptake.
as a more tangible way to payment method.
budget.
1 Yokahu. https://yokahu.co/ | 2 Lloyd’s launches pioneering parametric earthquake insurance policy in New Zealand. Intelligent Insurer. https://www.intelligentinsurer.com/news/lloyd-s-launches-pioneering-parametric-
earthquake-insurance-policy-in-new-zealand-25169 |
Trend 10:
Branches Reinvented
Trend 1 2 3 4 5 6 7 8 9 10
With more of life’s activities moving online, segments of consumers in APAC, overall, we can
financial service providers will continue to evolve expect heightened uptake of online banking to
the digital and offline customer experience to persist. Between 2017 and 2021, the share of
better serve consumers. More banks will close low- consumers in emerging markets in APAC actively
traffic retail outlets to streamline their network of using digital banking increased sharply from 54% in
branches and will innovate to ensure that their 2017 to 88% in 2021. 1
online systems and spaces are seamless, easy to
access, and complimentary to offline services.
Consumer behaviour across APAC strongly favours
Looking ahead, financial services will expand into
mobile and online banking. Approximately 97% of
emerging virtual worlds while also reimagining the
consumers either consider the digital channel the
role of the traditional bank branch—utilising pop-
best of several ways to interact with their bank or
up and multi-use spaces to provide customers with
use it as one of several channels in a multichannel or
a range of benefits in addition to financial
omnichannel offering. 2
assistance.
By contrast, 2% of consumers in developed and 3% in

The pandemic accelerated the move towards online
emerging APAC markets continue to conduct most
banking, pushing even those previously reluctant to
of their bank business at the branch.3
embrace virtual services to try them out of
necessity. Over the next decade, although
contradictory trends may play out in certain
9 in 10 By 2022,
consumers 67% of APAC consumers were using
online banking services at least
across the Asia–Pacific region use weekly.4
digital banking actively. Most are open
to purchasing more banking services 77% of 25-34s currently use
through digital channels.4 the internet for banking
purposes on a weekly basis.5
46
1, 2, 3 Emerging markets leap forward in digital banking innovation and adoption. Mckinsey. https://www.mckinsey.com/industries/financial-services/our-insights/emerging-markets-leap-forward-in-digital-banking-innovation-and-adoption | 4, 5 Online Banking Foresight Factory │ Base:
799-4869 online respondents per country aged 16+[ Brazil, China, India, Malaysia, Mexico, Russia, Singapore, South Korea,Thailand 16-74, UAE,Vietnam 16-64,Indonesia 16-54], 2022 March Foresight Factory | Base: 12884 online respondents aged 16+, APAC Average (10 markets), 2022 March
As online banking evolves, it will empower personnel to could engage in various virtual activities such as shopping,
focus on more involved inquiries and tailor-made advisory by using an avatar—rising to 59% and 57% among Gen Z and Trend in action
services. The branch will primarily fulfil the consumer need Millennials respectively 2. In this way, the metaverse
OCBC Bank has opened the doors to a different banking
for human service (as discussed in Humanised Banking), represents an appealing avenue to engage young customers
experience on the leading Metaverse platform,
personalisation, and community. who want more immersive online experiences.
Decentraland. Named after the address of the bank’s
headquarters on Chulia Street, Singapore,
Increasingly, front-facing financial service employees will As the ownership of virtual assets becomes more OCBCx65Chulia allows visitors to learn about OCBC’s
provide customers with exceptional, empathetic customer mainstream, there will also be an increasing need for
service that cannot be provided online, like offering historical milestones along with the latest banking
practical financial services in the metaverse, such as
complex financial advice or advisory services. products and services. They can open a bank account and
banking facilities to manage virtual and cryptocurrencies, or
apply for a credit card through instant access to the
insurance for exclusive digital goods like NFTs. Accordingly,
Meanwhile, banks and other financial service providers will bank’s website from the Metaverse platform. 6
to offer ‘real world services that are critical to the
increasingly explore the use of offline spaces, from retail metaverse world,’ New York-based accounting firm Prager
outlets to lifestyle spaces, as a base to connect with their Metis became 3 the first certified public accountant to have
customers and communities. This means that, in the 2020s, an in-game branch, by opening an outlet on the virtual
the branch network will no longer be confined to traditional world platform Decentraland. Meanwhile, HSBC acquired
retail banks. New branches will pop up in community spaces virtual real estate in The Sandbox metaverse. 4 which will be
where face-to-face contact is most needed. developed as a space to connect with sports, esports, and
gaming enthusiasts. Fittingly, the bank has also launched a
As pop-up branches become the norm in the medium- to fund that offers investment opportunities in the Metaverse
long-term, more banks will also explore partnerships with for its private banking clients in Hong Kong and Singapore.
brands in other sectors to offer complementary, in-person The discretionary portfolio is designed for its high-net-
services. For some players, partnerships will help enhance worth (HNW) and ultra-HNW investors and accredited
the in-branch offer for customers and allowing banks to be investor clients in Hong Kong and Singapore.5
progressively seen less as financial support and more as
lifestyle partners. For instance, IKEA1 acquired a 49% stake
in Ikano Bank 1, with the aim of offering a full suite of
banking services in IKEA stores and online. This will enhance
convenience by providing a one-stop, multifunctional shop
for financial and retail services.
Longer term, flagship bank branches will emerge alongside

virtual branches in the metaverse. Already, 46% of global
consumers express interest in a 3D digital world where they
1 IKEA buys 49% stake in financial services partner Ikano Bank. Fintech Futures. https://www.fintechfutures.com/2021/02/ikea-buys-49-stake-in-financial-services-partner-ikano-bank/#:~:text=IKEA's%20owner%2C%20Ingka%20Group%2C%20has,which%20began%20operating%20in%201995 |
2 Foresight Factory | Base: 37707 online respondents aged 16+, Global Average (27 markets), 2022 March |
3 Prager Metis. https://pragermetis.com/news/prager-metis-opens-first-ever-cpa-firm-metaverse/#:~:text=NEW%20YORK%2C%20Jan.,in%20the%20metaverse%20platform%20Decentraland |
4 HSBC Buys Virtual Real Estate in Sandbox Metaverse. Blockworks. https://blockworks.co/news/hsbc-buys-virtual-real-estate-in-sandbox-metaverse |
5 HSBC launches metaverse portfolio for affluent Asian clients. Private Banker International. https://www.privatebankerinternational.com/news/hsbc-metaverse-portfolio-asia/ |
6 OCBC Bank launches OCBCx65Chulia in Decentraland to redefine access to banking. OCBC. https://www.ocbc.com/group/media/release/2023/ocbc-bank-launches-ocbcx65chulia-in-decentraland.page
But going digital doesn’t mean the end of offline branches
6 in 10 Amid digital boom, banks still 'branch out' to drive growth in India
HDFC Bank 3 plans to open 600 branches in semi-urban and rural areas over 2024, with additional expansion in urban areas.
consumers India's Axis Bank partnered with PayNearby4 to simplify savings and current account openings for retailers and customers.
This collaboration aims to reach remote areas in India and address issues such as documentation hassles, lengthy processes,
turn to branches to solve specific technology fear, lack of proximity, and formal environment discomfort.
and complicated problems. 1
Consumers still value the branch
Branches Reinvented
An Accenture survey found that consumers across all
generations and nearly all geographies still value physical
bank branches in their neighbourhoods. This is a clear
evidence of consumer desire to have a personal interaction Expected Trend Trajectory in the 2020s
with their banks.
In addition, more than six in 10 consumers turn to physical
Intensity
branches to solve specific and complicated problems. With
Trend
the economic impact of rising cost of living, pain points are
set to become more acute. To navigate those challenges,
consumers will prefer having genuine conversations with
their banks, something that digital channels can’t offer.
In Australia, around 63% of consumers like seeing branches

Now Next Future
in their neighbourhood, and 68% turn to the branch mainly (2023) (2024-2025) (2025-30)
to solve specific and complicated problems. In India, around
70% of consumers like seeing branches in their Expect heightened uptake of online Advancing technology will help tackle Branches will become destination spaces
banking to persist. Banks will continue pain points of online banking. Branches as banks attempt to become lifestyle
neighbourhood and 78% turn to the branch mainly to solve to close branches and explore remote will emerge in local community spaces to partners. More widespread adoption of VR
alternatives, but there will be a need offer face-to-face support, and in will help deliver realistic and advanced
specific and complicated problems. 2 for them to continue to offer in-person lifestyle spaces to offer more financial services in digital and metaverse
advice and support. experiential banking. spaces.
1, 2 Banking Consumer Study: Reignite human connections. Accenture. https://www.accenture.com/in-en/insights/banking/consumer-study-banking-reignite-human-connections |

48
3 HDFC Bank to open more than 675 branches in semi-urban, rural areas in fiscal year 2024. Reuters. https://www.reuters.com/world/india/hdfc-bank-open-more-than-675-branches-semi-urban-rural-areas-fy24-official-2023-05-04/ | 4 Axis Bank and PayNearby partner to launch Savings and Current Bank accounts for last mile SMEs and
customers at a nearby store. PayNearby. https://paynearby.in/media/axis-bank-and-paynearby-partner-to-launch-savings-and-current-bank-accounts-for-last-mile-smes-and-customers-at-a-nearby-store/
Trend 1 2 3 4 5 6 7 8 9 10
Southeast Asia: Goodbye to Prosperous partnerships: fintech

the bank branch collabs
The accelerated shift to digital banking in top priorities. How each bank approaches its
Southeast Asia is expected to be specific journey will depend on certain Large lenders in APAC have actively opted for launched a digital bank in Indonesia with LINE
accompanied by the closure of close to a factors.
fintech collaborations and are investing in these Corp., a messaging platform5. Kasikornbank PCL
fifth of the region’s physical branches by
2030. startups to scale up digital capabilities. plans to build digital banking platforms in its
growth markets through joint investments with
Banking services including money transfers, Some banks might downsize or differentiate Finastra research finds that fintech partnerships local partners.
payments, loan applications and dissipating their branches to meet the evolving customer are a critical part of APAC banks’ strategies, with
financial advice can now be accessed online demand across their network. HSBC, for 87% planning to connect with an average of four In 2021, major APAC banks took part in 53
– eliminating local branch visits. instance, has reduced its branch network by fintechs in the next 12-18 months, and just 12% fintech equity rounds, up 26% and 20% from
60% during the last 20 years and has
planning to build their own solutions in-house. 4 2020 and 2019 levels, respectively. Banks have
As per a 2021 Roland Berger report, decided to repurpose its remaining branches
Southeast Asia will see 11,000 branch into four formats: full service, cash service, also shown an inclination to pursue fintech
closures leading up to 2030 – around 18% of digital service and pop-up branches. 2 investments in key growth markets, including
the current physical banking presence. offshore markets. 6
To expand their service offerings, banks are In 2021 Hana Financial Group Inc. jointly
Researchers highlight that this shift is largely also forming strategic partnerships with APAC banks grew participation in investment tech and payment
driven by a young, digitally inclusive APACfirms,
fintech banks'technology
offshore fintech investments
companies, andare
companies in 20217
population across the region. other industry players.in emerging Asia3
concentrated
Geographical breakdown of offshore fintechs (%) Number of transactions
At the current pace, an added 111 million
digital natives – now between the ages of 8 Emerging Asia U.S. Israel
and 17 – will enter the bankable population 60
U.K. Singapore Canada
by 2030. 1
50
Comfortable with tech and served by a whole Technology platforms
host of new digital banking tools, ranks of
40 Financial media and
young consumers will likely drive many of the data solutions
region’s physical branches into obscurity – Insurance technology
bringing Southeast Asia up to speed with the 30
global banking landscape. Investment and capital
markets technology
20
Digital lending
As banks continue their digital
transformation journeys, reducing costs and 10 Banking technology
improving customer experiences should be
Payments
0
2017 2018 2019 2020 2021
1 11,000 bank branches in Southeast Asia to shut over next decade. Consultancy Asia. https://www.consultancy.asia/news/4193/11000-bank-branches-in-southeast-asia-to-
shut-over-next-decade |
2 Revisiting the future of the bank branch. FutureCIO. https://futurecio.tech/revisiting-the-future-of-the-bank-branch/ | 3, 6, 7 Major APAC banks could embrace fintechs in
emerging Asia for next wave of growth. SP Global. https://www.spglobal.com/marketintelligence/en/news-insights/research/major-apac-banks-could-embrace-fintechs-in- 49
emerging-asia-for-next-wave-of-growth | 4 APAC banks leveraging fintech innovation more than other global markets, Finastra research reveals. Hubbis.
https://www.hubbis.com/news/apac-banks-leveraging-fintech-innovation-more-than-other-global-markets-finastra-research-reveals |
5 Hana Financial partners with Line to launch digital bank in Indonesia. The Korea Economic Daily. https://www.kedglobal.com/banking-finance/newsView/ked202106130001
Finance DNA: Understanding Your

Customer Now and In the Future
The trends outlined in this Finance DNA report, while • Break down taboos around personal finances. Help
impacted to a lesser or greater extent by current economic consumers talk about their money worries with friends,
conditions, are expected to remain the key features of the family and their banking provider(s) by speaking openly
global finance and payments landscape. While their pace of about issues such as debt spirals or budgeting troubles.
change, trajectory and forms of manifestation may alter due
to the changing economic context, the trends explored in this • Campaigns that destigmatize discussion of finances by
report are the core areas of changing consumer demand, featuring difficult topics out in the open will help
attitudes and expectations that brands will need to be aware consumers feel more comfortable and empowered to
of and action against over the short, medium and longer term. share, removing some of the secrecy that makes talking
about finances so daunting.
Here is what brands can do to stay ahead of the curve.
• Make financial advice more accessible and engaging by
The Implication
leveraging new channels, formats and sources of advice. As
money talk is no longer the preserve of banks alone, consider
partnering with finfluencers, making your brand more relatable
For Brands Now on social media, or offering gamified tools to help consumers
engage with their financial wellbeing. Gen Z will be the target
audience – this generation is already comfortable using social
Support & Education
platforms and gamification for educational purposes, and
• As concerns about cost of living persist, consumers will look finance is no different.
for ways to become more financially savvy. Consider how you
can be an educator brand in this area, including what resources
your brand could offer – from campaigns to new products that
explain how current decisions affect long-term prospects, or
communities where consumers can come together and share
knowledge.
The Human Touch Convenience & Experience • For non-insurance brands, seek partnerships or other means to
add insurance products to the sale of your products and services
• Post-pandemic, seamless remote banking is now a • Make payments ultra-convenient, aiming to remove friction – enabling your customers to add insurance to items purchased
hygiene factor. If your brand is considering cutting down at the POS by allowing consumers to pay with contactless within your shopping platform, for example, adding car insurance
the number of physical branches, your online cards, e-wallets or via biometric identification. Consider when buying a car online.
experience must be easy to access and navigate to how you can support retailers too, for instance, by
developing biometric recognition systems, or secure apps • Explore data monitoring capabilities and the forms of reward
avoid customer frustration. However, make sure to
that identify physical shopping baskets and automatically that can be deployed which are best suited to influencing and
maintain the human touch, ensuring that digital
interactions with your brand retain empathy and take payment. nudging consumer behavior.
understanding, leveraging emotionally-intelligent
• Offer customers the benefit of choice by facilitating and
chatbots or offering video calls with staff members, for
accepting all payment methods. Despite convenience
instance.
being key for consumers who have access to new
• Personalise face-to-face contact to provide exceptional technology, some consumers will still need to pay in cash.
customer service for complex issues and vulnerable Consider how you can support retailers in offering a full
customers. When a customer does come into a branch, spectrum of payment methods to customers to ensure
they will be looking for exceptional customer service that that vulnerable or disadvantaged customers are not left
they cannot access online. Offer personalized advice in behind.
one-on-one meetings, for example, a first-time buyer
Products & Partnerships
would welcome support across the whole purchasing
process, not just in securing a mortgage, while fledgling • Develop integrated and bundled product solutions that
entrepreneurs may appreciate wider financial advice enable consumers to purchase products that include a
relating to running a business, not just in securing a loan range of, if not all, their insurance needs in one place.
or opening a business account.
• Develop reward propositions specifically aimed at driving
• Consider whether you can use pop-up sites in community new and improved forms of health related and/or eco-
spaces to reach and maintain contact with vulnerable or friendly behaviors.
remote consumers. Be sensitive to the specific needs of
• Invest in emerging AI technology that will enable your
each local community and tailor your offering
insurance claims process to be increasingly automated,
accordingly. Also, consider using bank branches and pop-
providing customers reassurance that support will be
up spaces as financial educational hubs that offer
provided at the point where it is required.
consumers the opportunity to upskill and enhance their
financial wellbeing.
Next (2-5 years)

Financial Wellbeing Delivery & Experience
• As financial wellness becomes increasingly synonymous • Attract branch footfall and engage customers with your
with general wellbeing, financial service brands that brand by creating lifestyle and leisure spaces—making
support customer holistic wellbeing, not just the health of visits something that consumers want to schedule, not an
their wallet, will be better placed to earn trust and position obligation. In the future, branches that offer lots of
as empathetic life partners. Consider what areas of health services, such as co-working spaces, gaming areas, art
and wellbeing, such as mental health, your brand can exhibitions, yoga classes or concerts, will draw customers
credibly and relevantly tap into, leveraging partnerships in and make them a useful brand space for building
with health and wellbeing brands to reinforce your customer relationships. Consider how you can leverage
credibility on the topic. partnerships with brands in other sectors to credibly offer
such complementary in-person services.
• Consider offering financial therapy as part of your services.
Create an open dialogue with your customers about mental • Invest in the right capabilities to establish a virtual
health concerns and the link between financial health and presence in gaming worlds and the Metaverse. Carefully
mental wellbeing and ensure your customer service channels consider the role you want your metaverse branch to play—
make it easy for consumers to open up by destigmatizing whether that is providing customers with an online
money worries. Make interactions more compassionate and community, additional lifestyle services or simply fun and
create discreet ways for customers to get in touch and share. entertainment. Also consider offering M etaverse-specific
• Develop more ethical alternatives to BNPL. Consider whether products, such as financial advice or insurance pertaining to
virtual assets like NFTs.
your brand can offer an alternative to taking out credit, such
as savings products or salary-smoothing services. Save-to- • Continue to build a wider array of digital and virtual
buy helps consumers see how much they need to save to be channels to meet growing customer expectation for
able to afford that sought-after new item rather than paying seamless brand engagement but ensure avenues for human
before they can afford it. Conversely, salary-smoothing service remain for those who seek it. For example, ensuring
services give consumers early access to their monthly salary that a video call or instant messenger chat with a brand
or make it easier for freelancers to smooth payments so that representative is available to customers (identifying who
they can spend over the whole month without waiting for within your customer segments will most demand such
payday. These types of new products that help consumers to services and when they will expect them, i.e., what parts of
manage their finances responsibly will gain traction as the the customer journey or moments of disruption will most
darker side of easy credit services comes to light. require access to human customer service).
Technology & AI Driving Purpose & Impact

• Explore building a digital platform to enable more • Build partnerships with other brands and organizations
meaningful interactions between brand ambassadors and that help you develop a wider ecosystem of
the customer, or even between customers themselves, to propositions for health and eco-friendly forms of
share information and experiences related to the brand’s reward, e.g., health treatments/services that can be
service. For example, consider constructing your own social offered to reward behavioral change or discounted
media platform, available just for your customers. rates for EV charging stations to reward
environmentally beneficial behaviours.
• Invest in emerging AI technology that can empower your
automated customer service channels to adopt more • Use new forms of loyalty programs as a new approach
personalized and human characteristics. Seeking solutions to CSR and social good, i.e., driving social change from
that connect biometric data tracking with such AI services bottom-up nudging of societal behaviour across your
will offer the strongest route to building advanced customer base, alongside wider top-down corporate
automated solutions and to gain a competitive edge. initiatives.
• Prepare for new currencies by investing in infrastructure • Future proof your sustainability plans, looking beyond
that ensures you can deal with new currencies when consumer expectations of today and towards what
they arrive. As digital payments are now the norm, sustainability will look like tomorrow. Look to divest
cryptocurrencies are slowly moving from being assets to from companies and sectors with a bad sustainability
useful means of payment. And as central banks begin to track record in favor of eco-friendly investments.
explore the launch of centralised digital currencies,
• Respond to the longer-term need for climate
retail banks will need to make sure they have the
resilience – building home insurance and wider
capability to keep up with the innovation. product offers that monitor and respond to
environmental risk in real time.
Methodology
Finance DNA has been developed with the
support of Foresight Factory, a leading
consumer trends agency.
Our analysis draws on different sources, including:
• Expert interviews from brand and retail organizations who

provided a rich, diverse set of perspectives, and we are
extremely grateful for their commitment to this project.
• Primary consumer surveys: We have used Foresight

Factory’s proprietary consumer surveys and trends
database. This report features survey data collected
across 10 countries in Asia Pacific: Australia, Japan,
Indonesia, Singapore, Thailand, Malaysia, Vietnam,
South Korea, China and India.
• Innovation and patent scan: A thorough review of upcoming

and possible industry, technological and scientific advances
over the coming decade.
• Secondary research: Extensive desk-based research was

undertaken to develop a long list of potential trends that
were then prioritized and downselected.

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The future of finance

and payments in Asia Pacific

Trend 1: Financial Wellness 6

A Now, Next, Future

Today we are continuing to live in an uncertain world. In the last

We have identified 10 key trends which will explore in detail

Finance DNA uncovers the actions and motivations of today’s

The Economic Backdrop

Such economic conditions have clearly impacted consumer

Additionally, people worry about inflation, poverty, and food

The 10 Trends Your Brand

Trend 5: Trend 10:

In the coming years, financial wellbeing will

In 2019, Already in 2020, young consumers were most likely to

view to incorporate more interactive features into

GajiGesa, Indonesia and Southeast Asia’s leading Now Next Future

The question of who is principally responsible for the future

Consumers’ personal actions will also take the form of

While ethical investing – investments which are screened

As consumers place more and more trust in their banks to

Meanwhile, as more and more bank branches close down

14% of millennials in APAC say

Meanwhile, new and underserved groups requiring

Now Next Future

In 2020, there was a growing demand for human, natural,

In 2022, 57% of APAC consumers used a chat

The current cost-of-living crisis is also driving a need for

As a corollary, there will be growing demand for financial

Direct to human customer service channels will likely be

India’s Axis Bank3, and global giants like JPMorgan and

Seven in ten over the coming decade will be to increasingly

Now Next Future

In the 2020s, rewarding consumers for adopting behaviours

1, 2 This Card is Wellness. Ness. https://nesswell.com/

opting for digitalised insurance processes.4

In Singapore, UOB1 provides a holistic view of rewards in a single app

UOB Rewards+ program features the bank’s proprietary digital

Since its launch, the number of monthly coupon visitors increased by

Driven by the increased digitisation of payment

Anxieties and the underbanked in developing Asia

The scale of the problem varies by must ensure half of all 4%

New Payment Frontiers

Now Next Future

In the longer term, as consumers overcome their reticence to

60% of APAC consumers (and 66% of

In the face of rising inflation, consumers will end up with less

With convenience being the main driver of BNPL, brands

45% of global consumers prefer

The market is dominated by specialised fintech

Looking ahead, as financial wellbeing becomes

Now Next Future

Share of payments value Amount of funding in million U.S. dollars

10% 281.4 300

The growing sophistication of AI is set to transform the money to save time. 3

Looking ahead, growing investment in AI

It helps a customer measure their financial satisfaction score calculated using

MyFinScore comprises a series of questions that cover personal finances,

Longer term, automated claims will become increasingly hyper-

By contrast, 2% of consumers in developed and 3% in

Longer term, flagship bank branches will emerge alongside

Consumers still value the branch

In addition, more than six in 10 consumers turn to physical

In Australia, around 63% of consumers like seeing branches