Banks have been investing in AI over the last few years, focusing on specific use cases. They must now scale AI across their business processes and incorporate emerging advancements in GenAI.

Banks in Asia Pacific invested an estimated $63 billion towards technology in 2022. The annual spending on technology is expected to increase by 7.5% in 2023 to $68 billion.

Philippine digital banks saw rapid growth in 2023 alongside mounting concerns over credit quality as gross NPL ratios soared

The top 10 digital banks saw revenue grow from $41 billion in 2022 to about $49 billion in 2023