Cloud-native core banking platform 10x Banking announced its APAC expansion plans fueled by its study revealing that a third of banks in key markets across the globe are losing large numbers of their customer base to rivals due to slow transformation.
10x is a cloud-native, API-enabled platform offering fully managed services developed to modernise core banking through flexible and modular solutions. This offers banks a higher level of agility and personalisation capability at a lower cost to serve.
The research commissioned by 10x Banking revealed that less than 8% of banks in APAC are focusing on their core banking capabilities.
Meanwhile, 67% of APAC decision-makers believed they had lost out on winning new customers due to slow digital transformation, with an overwhelming 94% of respondents from Vietnam agreeing.
Surveying more than 150 senior decision-makers and more than 150 product managers, business analysts and project managers, across eight markets (UK, South Africa, the Nordics, Australia, New Zealand, Germany, India and Vietnam), 10x’s study sought to understand the decision-making process within the world’s leading banks when it comes to digital transformation, specifically their ability to adopt new technologies, respond to market change, roll out new products, and prioritise resource appropriately.
Antony Jenkins, Founder of 10x Banking said,
“Across the APAC region, whilst 83% of APAC decision makers feel that uncertainty across the banking sector has resulted in accelerated digital transformation, less than 8% are focusing on their core banking capabilities, which is where the opportunity for true transformation resides.
Banks in APAC have a tremendous opportunity to move from legacy to a modern cloud-based core, transforming their bank operations but also enabling them to address the huge deficit of accessible customers in the region. Southeast Asia’s 600 million population are either unbanked or underbanked resulting in communities lacking access to basic financial services.”