The second area is cloud. "Bank executives are beginning to understand the potential of cloud, and coming to terms with the possibilities that you can keep some data hosted on a "private cloud" and even on a public cloud. It's about identifying what needs to go where and developing a roadmap," said Monnerat. The remaining challenge for global banks when it comes to adopting the cloud today is country-specific policies around data hosting and data privacy. Fintech startups in the Asia Pacific region could help banks overcome this problem by developing niche solutions tailored to the market, he added.
The final area of fintech opportunity is cybersecurity. "Our research shows that nearly nine in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and financial fraud. That means banks and insurance companies are hiring more, outsourcing and also looking for fintech solutions to help combat cyber-related financial crimes. It is unquestionably an area that will spawn more fintech innovation," said Monnerat.
According to Accenture, consumers will increasingly demand for digital services in future. As such, financial institutions in the Asia Pacific region should consider acquiring or working with fintech startups to become "truly digital."
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