Bank customers in Asia are swapping their wallets for smartphones, using apps for everything from buying groceries to sending money home from abroad to investing.
Need a loan? Forget filling out paperwork and waiting in line for a bank teller. Now you can apply for credit on your phone and receive an answer almost immediately, thanks to screening that uses artificial intelligence. Financial services are increasingly available anytime, anywhere.
Emerging economies, where many people still do not have access to banking services, are “leapfrogging” the traditional style of retail banking and jumping straight to digitized financial services. For a growing number of people, a visit to a brick-and-mortar bank seems old fashioned.
“I put 70% of my salary into my electronic money account,” said Bayu Wicaksono, a 23-year-old engineer living in Jakarta. Most of the things he buys he pays for with e-money from Ovo using his smartphone.