AI in banking still has room for growth in Asia Pacific

The evolving banking landscape has pushed traditional banks to digitalize in order to cater to consumer demand for personalized and value-added services. This is especially prominent given the effects of the Covid-19 pandemic, which has driven a majority of the customer base towards digital services. Whilst many emerging technologies exist, there have been variations in adoption rates by traditional banks around the world, with trends showing that they have been generally slower to adopt these technologies. Typically, traditional banks have been rolling out their digitalization efforts conservatively, usually with a multi-channel approach. These include improving existing digital channels or ramping up efforts to launch independent digital banking businesses.