Mambu, a SaaS cloud banking platform, has published its third annual 'Partner Predictions report', which investigates the trends likely to influence the financial services sector in 2024.
The report incorporates insights from 30 experts across various industries, including big tech and financial services. Key predicted trends include developments in digital transformation and banking, payments, mortgages, generative AI and banking, embedded finance, big tech and emerging tech and regulation.
Colin Kum, newly appointed Market Sales Director for Mambu Asia Pacific, underlined the significant transformations in financial services in the Asia Pacific region in 2023.
He stated that "evolving regulatory frameworks, innovations in cross-border payments, and ongoing digital transformation efforts of both new and established players all [had] an impact". Kum perceives that this strong growth and transformation will extend into 2024, particularly in Southeast Asia. He believes that "the turbo-charged impact of generative AI in banking" will play a substantial role in this development.
Generative AI in banking is set to become a major focus in the Asia Pacific region for 2024. Many financial services organisations are expected to adopt generative AI to improve customer experience, boost productivity, and enhance problem-solving capabilities within organisations. However, uncertainties remain whether the region's risk aversion will impede the expansion of this technology.
Regulatory alterations will also significantly influence the financial services landscape in the Asia Pacific in 2024. Changes will include the provision of new digital banking licences in some areas and significant alterations to cross-border payments regulations.
New regulations surrounding generative AI and other technologies are also anticipated. Each country within the region is evolving at different rates resulting in a disparate regulatory framework. Financial service providers operating across multiple countries within the region will need to keep updated on any regulatory changes actively.
Mambu remains committed to promoting digital transformation in Asia Pacific's financial services industry. The firm anticipates continuing to support its clients to "deliver better financial experiences for their customers into 2024 and beyond".
Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more.
Mambu's unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu supports over 260 customers in over 65 countries - including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.