Banks in the Asia-Pacific region are at the forefront of digital innovation, leveraging cutting-edge technologies such as bank-to-enterprise API connections, artificial intelligence (AI), and generative AI (GenAI) to drive efficiency and enhance customer experience. Taiwan’s CTBC Bank is a prime example, offering direct API connections for seamless transactions, an app for small and medium-sized enterprises (SMEs) to manage paperless operations, and real-time foreign exchange hedging. The bank plans to launch supply chain finance software and has developed an AI-powered platform for proactive financial consulting, positioning itself as a strategic partner beyond traditional banking.
Singapore’s DBS is another leader in digital innovation, particularly in the SME sector. The bank has streamlined onboarding, reducing know-your-customer (KYC) processing time by 33% with the help of GenAI. AI-powered personalization has also increased outward payments by 29% and boosted balances in current and savings accounts. Strategic partnerships, such as One-Click Payroll, have increased new customer acquisition by 35%. DBS’s RAPID API suite has handled 900 million corporate API calls, with a 17% increase in usage in Hong Kong in 2024.
Bankee Social Bank, Taiwan’s leading cryptocurrency-friendly banking institution, is also making waves with its commitment to advanced technology. The bank combines Web 3.0 and AI to establish global benchmarks in fraud prevention, with a 98.7% accuracy rate in preventing fraudulent transactions. Bankee operates on a sharing economy paradigm, engaging customers in product development and profit distribution, and functions as both a bank-as-a-platform (BaaP) and bank-as-a-service (BaaS).
These banks are pushing the boundaries of digital innovation, leveraging AI, GenAI, and API connections to drive efficiency, enhance customer experience, and establish themselves as strategic partners beyond traditional banking. With their commitment to advanced technology, they are poised to remain at the forefront of the banking industry in the Asia-Pacific region. As the banking landscape continues to evolve, it will be exciting to see how these banks and others in the region continue to innovate and adapt to changing customer needs.