Banks are no longer adapted to customers’ needs
In recent years, there has been an increasing need for more personalised and integrated services for banking customers, but traditional banks have not been able to meet these customers’ expectations. Based on research from Wavestone, 45% of the American population, 62% of the British population and 67% of the Hong Kong population believe that banks are not meeting their needs.
As a result, each region in the world (and their respective regulator) has been making efforts to facilitate more innovation within their banking industry.
Virtual banking in the UK, Europe, US, Singapore and China
This report aims at exploring whether virtual banking licenses or open banking regulation is the key to disrupt the retail banking industry, or whether it requires a bit of both. It also serves to explore and examine the different policies and regulations in place that disrupt the retail banking industry in the UK, Europe, US, Singapore and China whilst also looking at what traditional banks are doing to cope with these specified regulations as well as their respective success stories.
It will then evaluate the impact and effectiveness of the different systems and come to a general consensus of the main common element that seems to drive the change in the retail banking ecosystem in each of these countries, and infer what it means and what would cause a similar disruption in the Hong Kong retail banking market.
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