Top 10 Digital Banking Services in Asia Pacific 2023

Banks have further strengthened their digital banking capabilities by focusing on omni-channel integration, personalising and enhancing the user interface and user experience design as well as increasing automation and digitalisation of back-end processes.

This year's Top 10 Digital Banking Services ranking focuses on the digitalisation efforts of commercial banks, and the results are impressive. Banks have shown exceptional mastery in the industry not only by digitalising their products, services and customer onboarding, but transforming their entire franchise as well. This transformation has been achieved through a focus on organisational agility and simplification, automation and improving the overall consumer experience.

The assessment takes into account eight key dimensions covering organisation, financial performance, the digital customer, digital brand and sales, open banking capabilities, big data capabilities and operations and technology.

Rank Country FI Organisation Financials Digital Customer Digital Brand Digital Sales Open Banking Capabilities Big Data Operations Technology TOTAL SCORES
Total Scores Achievable 15 15 15 10 15 10 10 10 100
1 China Ping An Bank 12.9 6 6.7 5.1 11.8 7 5 7.7 62.1
3 China China Merchant Bank 10.9 8 5.5 4 10.6 6 4 4.3 53.9
4 Taiwan CTBC 11 6.2 7.1 6.5 4.8 4.4 5.8 8 53.8
5 Australia CBA 10.9 7 6.7 3.6 7.1 8 5 4.9 53.4
6 Singapore DBS 11 6 6.6 6.4 5.7 6 5.4 6 53.1
2 India ICICI 11 4.8 6.9 6.4 7 4.8 3.6 8 52.5
7 Singapore OCBC 9.3 5 7.8 4.8 8.3 7 4.7 5.4 52.3
8 Hong Kong Hang Seng Bank 10.5 6.9 8.1 3.6 5.7 4 5 8 51.8
9 Vietnam TPBank 10.9 7.5 8.4 3.5 2.3 9 4.6 4.3 50.4
10 Taiwan E.SUN Bank 10.5 4.2 7.4 5.7 5.1 4.2 4.2 8 49.3

Note:

Our assessment comprises of the following KPI per dimension

  • Organisation: (1) Digital Platform Integration; (2) Degree of Group Finance/ledger Reconciliation; (3) Degree of Income stream attribution; (4) Operational Risk
  • Financial performance: (1) Profitability; (2) Delta ROE; (3) Retail CIR
  • Digital Customer: (1) Average digital user growth per month; (2) Percentage of eKYC customers onboarded; (3) Number of Digital Users per Full Time Employees; (4) Portion of total customer base that is digitally active; (5) Definition of “Digitally Active”; (6) average log in per user per month
  • Digital Brand: (1) NPS; (2) Percentage of new-to-bank deposits that originated from digital channels
  • Digital Sales: (1) Portion of retail sales that originated digitally; (2) Portion of Personal Loans that originated digitally; (3) Portion of Mutual Funds/Unit Trusts that originated digitally
  • Open Banking Capabilities: (1) Number of clearly identifiable ecosystems; (2) Portion of frontline sales that have a digital workbench at hand
  • Big Data: (3) Number of Areas that ML have been applied to; (2) Portion of retail business driven by AI/ML; (3)The status of setting up a data lake
  • Operations Technology: (1) Percentage of retail banking transactions originating from mobile and internet banking; (2) Total number of RPAs deployed in retail banking; (3) Annual cost saving combined by RPAs; (4) Portion of all core systems that have been moved to the public cloud; (5) Current portion of all retail applications running on public cloud.
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