In a statement Thursday, FICO said the region’s changing regulations (28%) and the need to create digital know-your-customer (KYC) and anti-money laundering (AML) (21%) solutions were cited as the two key challenges for Apac banks looking to acquire new customers online. For some established banks, one short-cut to their own existing challenges, incumbent technologies and inefficient silos is to start again. \FICO’s survey revealed that 79% of the banks have launched or are currently considering a separate digital banking offering to leapfrog challenges in acquiring and retaining new customers. Conversely, the greatest opportunities for digital banking for the respondents were nominated as digital payments (32%) and personal loans (24%). FICO surveyed 20 chief risk officers from across Asia Pacific in April 2019 at its CRO Forum 2019 event in Bangkok, Thailand.

Source: The Star June 06, 2019 06:45 UTC