Video Killed The Radio Star
Remember the song ‘Video Killed The Radio Star?’ Right now, the same applies to how digital banking is slowly replacing traditional banks and the way we manage money in general. With the current digital bank transformation worldwide, more consumers have shifted to self-serve digital services since 2010.
For us at NextPay, we know that new banking solutions continue to evolve digitally. And we work to enable practically everyone to open a bank account and enjoy convenient features regardless of scale.
The current trends in digital banking
In Southeast Asia, digital banking trends are just starting to pick up, with an estimated 9,000 brick and mortar banks projected to close their branch footprints by 2030. With the need to adjust to new customer habits, traditional banks that can’t keep up are becoming more at risk or overtaken by new FinTech startups. Right now, everyone is looking for innovations that point towards digital bank transformations.
In the region, Indonesia, Thailand, the Philippines, and Malaysia are driving robust growth for digital banking and consolidation. Singapore and Brunei started their respective digital banking transformation journeys a decade ago and are on track to a 20% physical bank closure.
Then came the COVID-19 pandemic, which forced more banking institutions to reimagine the way people bank. Soon, FinTech startups like ourselves developed more accessible ways to settle bills, transfer money, do business, and let users take control of their finances online in real-time.
We have done away with the inconveniences of physical banking and unsecured money management through these high-value-added services. Thanks to better digital banking infrastructures now in place, users can now access our platform anytime, anywhere and meet their evolving needs.
Enjoy user-friendly digital banking solutions
Digital bank transformation has been the go-to approach for most Generation Zers for a decade now. According to global financial services provider Morgan Stanley, 80% of these young digital natives are already into mobile banking. Together with Millennials, both generations are causing a seismic shift to digital banking and consumer behavior, especially when the pandemic came around.
With modern digital banking being more accessible to the unbanked, we started addressing multiple pain points that can drive business growth for our clients. After all, not all users in the region were too familiar with digital banking in general.
With our platform, businesses soon found better ways to control their money and track transactions via digital invoices, payment links, and real-time reporting.
Today, you can easily link your bank accounts without any risks and enjoy its user-centric features. Plus, you can quickly sign up for an account without going to a bank branch. Aside from this, you can also take advantage of lower fees for services and perform secure transactions.
Be prepared for the new normal
Did you know that 40% of all the world’s largest banks are in Asia? That means for businesses of any scale, digital bank transformation is highly essential. And that’s not only due to how internet penetration is at an all-time high in the region. With the region accounting for more than half of market capitalization, service providers can create good business through digital banking channels.
From providing a pay-per-use model to enjoying efficient money management features, businesses can enjoy NextPay’s versatility as a digital banking solution. All while doing away with set up fees or maintaining balances.
Even after the pandemic, experts see more promising prospects for digital bank transformations. Our solutions can help with recovery while offering new opportunities via round-the-clock financial transfers, payments, and digital support for retail sales and online banking.
Now that you know the entire picture about digital bank transformations in the region, it’s time to ask yourself a few questions:
- What can NextPay do for your business?
- How can you achieve a rebound with digital bank solutions?
- Is it all worth it?
With the current trends in global digital banking, the trajectory is pointing upwards along with consumer demands. We are here to help you maximize the way you do business with the help of digital banking tools that are secure and at lower costs than traditional banking.
Perhaps, the best takeaway from working with NextPay is how you’ll stay informed of this continuing paradigm shift and evolving consumer behaviors to drive better growth for your business moving forward.
Sign up with NextPay now and let us help you navigate the world of digital banking towards better advantages.