target audience: TECH BUYER Publication date: Sep 2022 - Document type: IDC Perspective - Doc Document number: # AP47795421
Asia/Pacific Challengers in 2022: The Road Ahead
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Abstract
This IDC Perspective discusses the key developments of challenger banks in Asia/Pacific and examines the cost structure and unique revenue channels that they pursue. It then explores the key drivers to growth in the region through its vast addressable market, solid payments infrastructure, and reception toward super apps. The study further highlights how challengers transform customers' experience and upend the traditional banking industry, short-term risks that lie ahead for challengers, and key advice in navigating these risks.
"Despite the nuances across the market, one common theme we found across Asia/Pacific is that most countries are accommodative toward digital payments, and this is reflected in their national policies and massive growth in mobile payment methods, such as ewallets," says Adam Kamarul, market analyst for Financial Insights, IDC Asia/Pacific. "In seizing this growth opportunity, challengers should reinvent financial services to best fit the needs of consumers and businesses while ensuring their operating models are sustainable from the get-go."