Transaction banks in Asia have been relatively slow to move away from manual processes. PwC’s 2023 digital banking survey stated that it was imperative for banks in southeast Asia to accelerate their digital transformation efforts by building robust integration capabilities – more than 80% of survey respondents acknowledged that they had not achieved their digitalization goals.
A digital transformation benchmarking study published in July by Coalition Greenwich noted that transaction banking in Asia has digitalized at a slower pace than other parts of corporate banking.
The problem for banks in the region is that digital capabilities are increasing in importance among Asia-based corporates looking for new transaction-banking providers.
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