Ethan Li

Project Manager

December 4, 2015

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Bank 3.0 : What’s the Holdup?

Challenges bank might face to hold back technology innovation

businesswoman hand holding a phone with mobile wallet onlain sho

Nowadays people are getting used to use bank service via all kinds of digital channels, such as online websites or apps. Bank 3.0 is an inevitable trend as the evolving of technological advancements. Instead of walking into a physical bank branch, waiting in a long line to open an account or deposit money, consumers use banking services much like they shop online. From bank management’s perspective, moving toward digital services could also help to branch out touch points of reaching more customers but reducing operating costs.

However, what are the constraints to hold back the innovation of bank 3.0? Following are some unspoken challenges:

  1. High IT security requirements: The requirement of accurate financial numbers, near real-time system updating frequency, and high firewall security in banking industry is much higher than other businesses. Bank IT departments tend to be very cautious of any new upgrade within its current operating system. They will ask for formal documentation to thoroughly understand technical details before rolling out to the organization, which will help reduce unexpected “surprise” and ensure compatibility with existing technology after implementation.
  2. Paradigm shift in mindset: Besides technical issues, the mindset of some managers remains traditional. Some are unwilling to embrace the digital banking concept. It’s difficult to transform the whole organization immediately. Evangelizing the old schools gently about the new trend could be the best way to convert people.
  3. Organizational politics: It’s never easy for an enterprise to develop new processes across multiple divisions without a long painful transition. The larger the organization is, the tougher the change would be. Therefore, how to implement the new technology smoothly is truly a leadership challenge internally that solution providers could do little as an outsider.
April Wu

China Market Strategy

December 1, 2015

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Retail News Roundup – Dec 1

The top 5 retail news clips in Asia this week.

Newspaper

1 – Forget e-commerce, m-commerce is where India’s potential lies

With the availability of cheap mobile data plans increasing, analysts believe this will help boost internet usage via mobile handsets — and consequently online shopping. >>

2 – eCommerce is gravitating towards social media

With the eCommerce scene exploding within the region and consumers being constantly online browsing the internet and connected on social media, it comes as no surprise that social media will play an even more integral role in shaping the face of the retail industry. >>

3 – Daiso, Robinsons Retail to strengthen PH partnership

There are now 44 Daiso Japan stores in the Philippines and over 2,400 stores in 30 countries around the world. >>

4 – Jollibee scouring China, US for acquisitions

Philippines-based Jollibee Foods is actively searching for at least two more established fast food or QSR restaurant chains to boost its brand portfolio. >>

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April Wu

China Market Strategy

November 25, 2015

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Banking News This Week – Nov 25

The top 5 banking news stories in emerging markets this week.

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1 – Banking sector must accelerate reform efforts, say experts

In 2015, due to the explosion of information technology as well as the strong growth of electronic services all over the world, banking services on the platform of mobile devices are developing rapidly in Viet Nam. >>

2 – Peppermint Innovation to build m-Pesa for the Philippines, list on ASX

Peppermint Innovation Ltd, an Australian mobile banking technology platform, is in the business of providing vital access to banking services for millions of people not currently linked to traditional banks. >>

3 – Baidu teams with Citic Bank to join China’s online banking wave

Baidu Inc., the Chinese Internet search company, is teaming up with China Citic Bank Corp. to join the wave of online lenders altering a financial industry traditionally dominated by the big state banks. >>

4 – Lot of contacts in your mobile phone may get you loans

They have no bank account, no credit score, no financial identity. So a quarter of humanity hasn’t been able to borrow money. Until now. >>

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April Wu

China Market Strategy

November 24, 2015

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Retail News Roundup – Nov 24

The top 5 retail news clips in Asia this week.

Newspaper

1 – Tencent to open WeChat payment to overseas buying

Chinese internet giant Tencent will completely open the mobile payment service offered on its social messaging app WeChat to overseas transactions. >>

2 – Spar Indonesia plans 55 stores by 2018

Spar Indonesia launched in March with just three stores – but the local partner expects to end 2015 with 15 operating. Another 40 stores will join the network by 2018 according to the Dutch retailer’s master franchisee PT Ramayana Lestari Sentosa. >>

3 – Vertu eyes China

Luxury phone brand Vertu says its new Hong Kong investor will allow the brand to embark on its next growth phase – into Mainland China. >>

4 – Louis Vuitton looks for shops to close in China

Louis Vuitton is about to get smaller in China, and other luxury goods makers might follow as the heady days of expansion in that market are over. >>

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April Wu

China Market Strategy

November 19, 2015

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5 Remarkable TED Talks for Social Media Insights

A collection of the best TED Talk videos every digital marketer should watch

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We all know that social media is a must for most brand owners nowadays. As a marketer, understanding what your customers act on social media is key for better engagement, and vice versa. Here are 5 inspiring social media TED Talks give you ideas how business can maximize the potential of social media.

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