Popular Online Banking App in Asia

Financial services companies around the world are being driven to create an effortless digital experience for their customers. This requires providing timely offers; secure mobile-first app design; fast automated loan approval; 24/7 customer service support; and competitive pricing. Asia Pacific, with its large unbanked population and rapidly increasing digital adoption rate, is leading this trend in customer service innovation.

Popular Online Banking App in Asia

A major trend driving this development is the rise of super apps, which provide multiple services in an intuitive interface. These range from ride hailing apps and social media platforms to e-commerce stores and payment capabilities.

Fintech APIs and convenient embedded finance technology are creating a new market opportunity, creating an improved consumer experience. This has given rise to an increasing number of digital banks that can now offer various products and services alongside traditional banking ones.

In Asia, there are a number of successful digital banks that have achieved great success in their markets. Some even boast profitable operations and have been able to expand their customer base through creative business models.

These banks strive to offer a better user experience than their incumbent competitors. Often backed by startups or established for several years, these banks aim to become major players in Asia’s digital banking space.

Asian digital banks that are successful typically possess a scalable business model and an established customer base. Furthermore, these banks enjoy access to an expansive ecosystem of businesses and consumers, giving them invaluable advantages in terms of knowledge sharing and data collection.

Some of these banks are headquartered in Hong Kong, where financial regulators have recently begun issuing virtual banking licenses to a range of startups. Typically, these online-only entities lack physical locations and offer an array of innovative financial services designed to disrupt the traditional banking sector.

Similar to what has occurred in Europe and the US, a wave of virtual banks (known as challenger banks) is now spreading throughout Asia. Some are obtaining their own bank licenses while others rely on partners’ existing licenses.

Kakao Bank, a pioneer in South Korea’s digital banking scene, offers personal and business accounts with an emphasis on online payments. It is supported by LINE messenger app, Chunghwa Telecom telecom giant and PX Mart supermarket chain.

Another successful Asian bank is Varo, an online-only bank with a user-friendly app that has earned high praise from both Android and iOS users alike. With Varo you can track your money, manage transactions, and receive notifications from other customers – all in one place!

Taiwanese bank NEXT Bank is another emerging player that could potentially rise to become a major force in Asian digital banking. Backed by Chunghwa and LINE, NEXT is still developing its service while still in its early stages of growth.

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