Asia-Pacific (APAC) Regional Retail Banking Analysis by Key Financials, Digital Banking and Customer Satisfaction

Reasons to buy the ‘APAC Regional Retail Banking Analysis’ report:

• Get a comprehensive APAC retail banking industry analysis, including key financials, competitive landscape, and relationship depth drivers.
• Examine the impact of digital banking on customers and providers.
• Assess whether customer satisfaction is met with the retail banking services provided in the region.

How is our ‘APAC Regional Retail Banking Analysis’ report unique from other reports in the market?

• Keep up to date with the macroeconomic trends impacting the retail banking sector in the Asia-Pacific region.
• Understand where the best opportunities exist by comparing countries based on factors ranging from average net interest margin to market concentration.
• Develop an understanding of the differences between consumers’ research methods, average tenure, and channel usage across different countries in the region.

We recommend this valuable source of information to anyone involved in:

• Banks/Financial Agencies
• Banking and Payment Technology Leaders and Startups
• Business Development and Market Intelligence
• Investment Analysts and Portfolio Managers
• Professional Services – Investment Banks, PE/VC Firms
• M&A/Investment, Management Consultants, and Consulting Firms

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APAC Retail Banking Analysis Overview

After a challenging 2020-2022, multiple Asia-Pacific economies are in the recovery period. With an influx of foreign direct investment (FDI) and growth in technology sectors, Southeast Asia is proving more resilient than other regional markets. With huge growth in the consumer market, the region is becoming increasingly lucrative to local and international banks. HSBC, Citibank, and Standard Chartered are heightening competition in the region by providing advanced and global products to the expanding middle class.

This APAC regional retail banking analysis report explores the retail banking sector from a comparative perspective, highlighting key similarities and differences across markets within the region. The largest banks in each market, among other useful banking-related statistics (such as average net interest margin) are provided alongside macroeconomic forecasts to give a feel for the composition of a given country’s economy and retail banking sector. Furthermore, this report analyzes the key financials, competitive landscape, and drivers of relationship depth in retail banking markets in Asia-Pacific.

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APAC Retail Banking – Financials Analysis

The APAC financial sector is characterized by intense competition from both traditional banks and fintech startups. Technological innovation will drive banks’ performance across Asia-Pacific. The region is home to over half the global population and is paving the way to become the largest consumer market. An expanding middle class and increasing digital connectivity are driving demand for global brands and the most tailored products. For instance, Singapore’s safe-haven status has helped investors navigate the turbulent economics of Asia-Pacific post-COVID and has allowed for the expansion of Singaporean banks both regionally and globally. The country’s steady real GDP growth for 2024 has also reiterated Singapore’s resilience to macroeconomic turbulence experienced in Europe, as well as its preparedness for political tensions arising in the South China Sea.

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APAC Retail Banking – Competitive Landscape

Across the region, preference toward traditional providers dropped considerably over 2020-2023. Social restrictions during COVID-19 caused shifts in banking behaviors, forcing customers to bank online. Customers are seeking increasingly convenient and personalized banking services, driving them toward digital-only banks.

With the increasing uptake of smartphones in the region, digital-only banks are becoming more readily accessible. Quick onboarding and competitive remittance payment rates are making digital providers highly attractive. In addition, in emerging markets such as the Philippines and Indonesia, mobile wallets are becoming increasingly accessible, which is providing progressive change to local communities.

Traditional Banks and Building Societies, 2020-2023

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APAC Retail Banking – Engagement with Digital Banking

The mobile banking apps channel (on smartphones or tablets) was the most popular in most countries in 2023 for banking tasks, with South Korea leading at more than 61%. In emerging markets, digital banking also offers greater inclusivity for those who were once unbanked or underbanked. Thus, in many countries, banks are focusing on providing simple banking applications. For instance, one of Indonesia’s largest lenders, Bank Mandiri, revamped its app to target a wider range of customers, from the underbanked to affluents. The app boasts nearly 90 features, ranging from everyday banking tasks to investing in mutual funds, making cross-border payments, and buying concert tickets.

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Key Highlights

• New Zealand and Australian customers have a strong preference for traditional banks due to local banks’ long-established presence and robust reputations.
• Singapore has a highly concentrated market, with local providers such as DBS, POSB, and OCBC dominating.
• After a challenging 2020-2022, multiple Asia-Pacific economies are in the recovery period. With an influx of foreign direct investment (FDI) and growth in technology sectors, Southeast Asia is proving more resilient than other regional markets. With huge growth in the consumer market, the region is becoming increasingly lucrative to local and international banks.
• Market concentration is increasing in India as regulatory procedures become more stringent, leaving local banks with significant opportunities to excel in the market.