by Ferry Bayu | Aug 31, 2023 | Business
Kyndryl and Twimbit reveal APAC banks’ remarkable progress in purpose-driven growth, achieving an impressive 9% aggregate revenue growth
The Bank of Tomorrow 2023 report, produced in collaboration with Kyndryl, aims to uncover the journey of the top 44 banks across the Asia Pacific region. Here, we meticulously assess the growth drivers that have propelled their success, benchmarking them based on five foundational pillars. Moreover, this report offers a strategic view, highlighting how top APAC banks can triumph in the market by capitalising on purpose-driven growth opportunities.
Within the top 44 banks across the region, fee-based income accounts for an average of 13.66% of revenues
SINGAPORE — Kyndryl (NYSE: KD), the world’s largest IT infrastructure services provider, today announced the launch of the Bank of Tomorrow 2023 report in collaboration with research and advisory firm Twimbit. The report offers a thorough assessment of Asia Pacific (APAC) banks and outlines the projected 2023 outlook, tracking their advancements across five purpose pillars — Shareholders, Employees, Partners and Suppliers, ESG, and Customers.
Centred around Twimbit’s Purpose Index, which helps APAC’s leading banking and financial institutions migrate to the future desired state of being purpose-driven organisations, a couple of key trends emerged. Among the 44 top banks in APAC, a remarkable 16 new entrants were found to be making significant strides in both purpose-driven initiatives and growth. Additionally, spanning four purpose pillars — Customer experience, employee experience, supplier satisfaction, and ESG impact — DBS Bank retained its leading position. The bank not only commands the highest purpose score but also boasts above-average profitability. In close pursuit, Siam Commercial Bank (SCB) secured the second-highest purpose score while maintaining a commendable level of profitability.
Chinese banks remained the most prominent, with the highest revenue size and above-average profitability whilst banks in India were seen to enjoy higher growth rates than many of their peers in other countries. Highlighted in Exhibit 1 are some of the key highlights.
Exhibit 1: A benchmark of the 44 banks according to the Twimbit Purpose Index
Source: Twimbit
“These insights are poised to exert substantial influence on the strategies of businesses and financial institutions, shaping their trajectory towards innovation and expansion. In the case of SCB’s strong performance, credit is largely attributed to their proactive endeavours in bolstering fee-based incomes,” said Manoj Menon, CEO at Twimbit. “We believe fee-based income will become a key growth driver for banks, enabling the generation of alternative revenue streams to drive profitability.”
Exhibit 2: Top 4 Banks to champion fee-based income via digital channels
Source: Twimbit
The importance of fee-based income in driving revenues
In APAC, banks allocated an average of 2.96 percent of their revenues toward information and communications technology (ICT) while the recommended benchmark should hover around 10 percent of revenues.
An example of such divergence is the Bank of Philippine Islands (BPI), which recently announced a significant 50 percent surge in IT spending, propelling its status as a digital frontrunner. Additionally, the National Australia Bank (NAB) stands out as a paragon, showcasing a growth of 16 percent in ICT spending year-on-year.
This increase in investment will drive digital transformation and boost fee-based income growth. Currently, fee-based income is at an average of 14 percent contribution to total revenues, with expectations that the four leading banks will increase their total contribution to 35 percent of revenues by 2030.
“Kyndryl is dedicated to designing, building, managing, and modernising the mission-critical technology systems that the world depends on everyday. We are proud to unveil the Bank of Tomorrow report in partnership with Twimbit, which will significantly impact how businesses and financial institutions will drive innovation and growth moving forward. This industry-wide initiative is aimed to drive invisible banking, achieve a ‘Carbon Neutral 2030’, champion sustainability and promote employee well-being.,” said Susan Follis, Managing Director of ASEAN at Kyndryl.
A purpose-driven future pressures banks to reassess their growth journeys
The report also highlighted that the increasing emphasis on adopting digital-first strategies has gained substantial traction, especially in the advancement of the four purpose pillars. This surge in digital channels has marked a transformative shift within the banking sector.
Prominent aspects include DBS’s sustained leadership in CX banking, evident through the accomplishments of DBS Rapid, DBS BetterWorld, and DBS PayLah. SCB’s efforts to harness state-of-the-art technology to propel sustainable financial practices and ESG initiatives, as demonstrated through applications and initiatives like Robinhood and SCB SME Academy. National Australia Bank’s (NAB) digitalised supply chain supporting invoice automation and online catalogues and BPI scoring 90 percent on employee engagement for implementing comprehensive training programs that significantly enhance EX.
“The financial world is undergoing a tectonic shift fuelled by fintech innovation, new technologies, volatile markets, digital finance, and rising cyber threats. In this transformative era, banks must be empowered to navigate change and unlock the true potential of data and AI to improve products and services for their customers. Kyndryl stands at the forefront of this change and is ready to steer businesses towards data-driven innovation and customer-centricity for banking success,” said Susan Follis.
Read the full report “The Bank of Tomorrow 2023: A Benchmark of the leading banks in APAC” for more information.
Twimbit is a research and advisory firm driven by a singular mission: to empower businesses making a difference. We specialize in providing invaluable industry intelligence to executives and teams, acting as a catalyst for innovation and growth. Twimbit’s proprietary research platform seeks to revolutionize the way enterprises consume insights, making it effortlessly enjoyable and accessible to all.
More information on twimbit is available online at www.twimbit.com. Follow news and updates from Twimbit on Twitter and LinkedIn. Members of the media can find additional information in the Twimbit newsroom.
Vansh Sehgal
va***@*****it.com
by Ferry Bayu | Aug 31, 2023 | Health and Wellness
Shaping a Brighter Tomorrow: Igniting Conversations on Teen Self-Harm Prevention
Amidst rapid change and increasing pressures, the World Health Organization’s studies have spotlighted the pressing concern of youth mental health. With suicide ranking among top causes of death for those aged 15 to 29, LearnX responds with a vital webinar titled “Empowering Inclusive Learning: Preventing Teenage Self-Harm and Building Resilience.” Scheduled for September 6th 5.30pm SGT, this event features an array of experts, including Dr. Daniel Fung, Dr. Chintan Vaishnav, Ms. Deepali Upadhyay, Mr. Amit Lodha, Mr. Anil Kumar, Mr. Manju Balasubramanyam, and Mr. Chandrakant Singh. The webinar aims to drive understanding and actionable solutions, equipping educators and parents to guide young minds toward emotional strength. Register for free at https://learn-onthego.com/sept-webinar-asia to contribute to the dialogue on teenage mental health and foster a resilient future.
Fostering Resilience: Empowering Youth Mental Health
In a world characterised by rapid change and increasing pressures, the mental health and wellbeing of our youth have emerged as paramount concerns. Recent studies by the World Health Organization, suicide is one of the top leading causes of death among individuals aged 15 to 29 years. These figures serve as a stark reminder that fostering resilience and addressing mental health challenges among teenagers is not just an option, it’s an imperative.
A Far-reaching Impact
The World Health Organization further emphasizes that suicides and suicide attempts have far-reaching impacts on families, friends, colleagues, communities, and societies. Suicides can be prevented, and significant efforts can be made at individual, community, and national levels to address this issue.
A Proactive Approach by LearnX
Recognising the urgency of this matter, LearnX is taking a proactive stance by orchestrating a thought-provoking webinar for the community entirely free, titled “Empowering Inclusive Learning: Preventing Teenage Self-Harm and Building Resilience” Scheduled for 6th September 2023, at 5.30 pm SGT, this event brings together a consortium of distinguished experts and educators to unravel the complexities surrounding teenage mental health.
An Expert Line-up
The webinar’s significance reverberates beyond its mere scheduling. By delving into the crux of teenage mental health issues, it aims to create a platform for dialogue, understanding, and actionable solutions. The featured panellists, a confluence of renowned figures reflects the breadth of this challenge:
Dr. Daniel Fung, CEO of Institute of Mental Health (IMH) Singapore
Dr.Chintan Vaishnav, Mission Director of AIM, NITI Aayog
Ms. Deepali Upadhyay, Program Director of AIM, NITI Aayog
Mr. Amit Lodha, Inspector General, Indian Police Service
Mr. Anil Kumar, Principal of DPS Faridabad
Mr. Manju Balasubramanyam, Principal of DPS Bangalore North
Mr. Chandrakant Singh, Managing Director of LearnX
This esteemed panel will dissect the multifaceted issues affecting our youth, from the pressure of academics to the emotional turmoil amplified by societal dynamics. The focus is on more than just identifying the problems; it’s about channelling collective insights towards actionable strategies. The goal is to equip educators, parents, and stakeholders with the necessary tools to guide young minds towards emotional strength and resilience.
Paving the Path Towards Mental Wellness
Amidst the bustle of daily life, it’s easy to overlook the internal struggles teenagers may grapple with. This webinar serves as a call to acknowledge these struggles and collectively pave the path towards mental wellness. It’s an opportunity to join a chorus of voices that advocate for a future where the youth are nurtured, fortified, and resilient.
Register and Join the Conversation
To participate in this vital conversation and to contribute to the ongoing dialogue on teenage mental health, register for the webinar for free by visiting https://learn-onthego.com/sept-webinar-asia.
Let us unite in our mission to safeguard the emotional wellbeing of our youth, and in turn, forge a brighter, more resilient future.
For more information, contact:
William Chua
Communications Manager, LearnX
wi*****@*******nx.academy
LearnX, established in 2020, emerged as a visionary response to the evolving educational landscape. LearnX began its journey to transform education by focusing on holistic growth and mental well-being of adolescents. Collaborating with esteemed institutions like AIM, NITI Aayog, and Institute of Mental Health Singapore, LearnX embarked on a mission to empower educators, bridging the gap between academic excellence and mental wellness. Fueled by a passion for transformative education, LearnX has quickly become a beacon for educators aspiring to shape the champions of tomorrow.
William Chua
+6590490392
wi*****@*******nx.academy
by Ferry Bayu | Aug 31, 2023 | Health and Wellness
Shattering Silence: Defending Teen Dreams Against Self Harm and Suicide
Amidst the celebration of academic excellence, the hidden struggles of youth remain obscured. Most mental disorders develop during childhood and adolescence, impacting lives significantly before age 25, demanding a comprehensive response. LearnX’s webinar, “Empowering Inclusive Learning: Preventing Teenage Self-Harm and Building Resilience,” scheduled for September 6th 2023, 5.30pm MYT, gathers experts like Dr. Daniel Fung to discuss teenage mental health complexities. This endeavor acknowledges the challenges teens face amid academic expectations and societal pressures, highlighting the need for collaboration among educators, parents, and policymakers. Register now at https://learn-onthego.com/sept-webinar-asia to join this transformative conversation shaping a brighter future for our youth.
Unseen Struggles Amidst Celebrated Excellence
In an age where academic excellence is often celebrated, the silent struggles of our youth remain obscured. Beneath the veneer of achievements, many teenagers grapple with the pressures of an increasingly complex world. A staggering reality reveals itself, most mental disorders develop during childhood and adolescence, impacting lives significantly before age 25, according to the International Association for Child and Adolescent Psychiatry and Allied Professions (IAPCAPAP). A quarter of young people’s years are affected by mental and substance use disorders.
Empowering Inclusive Learning
“Empowering Inclusive Learning: Preventing Teenage Self-Harm and Building Resilience” – a webinar by LearnX is set to illuminate this pressing issue. Scheduled for 6th September 2023 at 5.30 pm MYT, the event assembles a distinguished panel of experts to discuss and dissect the complexities of teenage mental health.
Leading the Discussion: Dr. Daniel Fung, CEO of IMH Singapore and Notable Experts
At the forefront of this panel is Dr. Daniel Fung, the CEO of Institute of Mental Health Singapore, renowned for his work in mental health advocacy. Alongside him are the Managing Director of LearnX, Chandrakant Singh, Principals of DPS Faridabad and DPS Bangalore North, Sangeeta, an experienced educator, and Anurag Tripathi, the Secretary of CBSE. Collectively, they encompass a spectrum of insights, a necessary blend of medical, educational, and administrative perspectives.
Teenagers today navigate a landscape laden with academic expectations, societal pressures, and a digital realm that exacerbates the challenges of self-identity. Behind their façades, they bear emotional burdens that often go unnoticed. This webinar seeks to amplify their voices, to engage in a candid conversation about the struggles they face, and to collectively explore ways to empower them.
Creating an Environment of Well-being for Youth
While statistics highlight the gravity of the issue, it’s crucial to remember that each figure represents a life, a story, and a potential. Empowering our youth to build resilience is not a solitary task, it’s a collaborative mission that involves educators, parents, policymakers, and society at large. By acknowledging the challenges, we pave the way for open discussions and meaningful interventions.
“Empowering Inclusive Learning: Preventing Teenage Suicide and Building Resilience” is more than just a webinar; it’s a call to action. It’s an initiative that encourages dialogue, fosters understanding, and initiates change. As we collectively strive to create an environment that nurtures the emotional wellbeing of our youth, this webinar serves as a vital stepping stone.
To be a part of this transformative conversation and to contribute to the ongoing efforts to improve the mental health landscape for our teenagers, register for the webinar for free by visiting https://learn-onthego.com/sept-webinar-asia. It’s an opportunity to learn, share, and unite for a cause that holds the potential to shape young lives positively.
For more information, contact:
William Chua
Communications Manager, LearnX
wi*****@*******nx.academy
LearnX, established in 2020, emerged as a visionary response to the evolving educational landscape. LearnX began its journey to transform education by focusing on holistic growth and mental well-being of adolescents. Collaborating with esteemed institutions like AIM, NITI Aayog, and Institute of Mental Health Singapore, LearnX embarked on a mission to empower educators, bridging the gap between academic excellence and mental wellness. Fueled by a passion for transformative education, LearnX has quickly become a beacon for educators aspiring to shape the champions of tomorrow.
William Chua
+60193702408
wi*****@*******nx.academy
by Ferry Bayu | Aug 30, 2023 | Health and Wellness
Meet a Shaman, Try Breathwork & See if Palmistry is all mambo jumbo or not at the Spiritual & Wellness Convention
A Spiritual & Wellness Convention set at Marina Bay Sands on 8 and 9 September with exhibition FREE for public and a ticketed conference.
Get ready to embark on a soul-elevating journey like no other! The highly anticipated Spiritual & Wellness Convention 2023 is set to immerse you in a realm of holistic transformation at the iconic Marina Bay Sands.Featuring the internationally acclaimed keynote speaker Raghida Shaman, a renowned Soul Healer and Shaman, this event promises a mind-body-soul alignment like never before. She will be bringing brand new spiritual modalities to Singapore as a new earth healer, shaman, 5-12D ascension activator and twin flame expert. To assist ascension & the weaving of our inner divine masculine & feminine polarities – this will be Singapore first for spirituality.
But the magic doesn’t stop there – meet Master Khor, the multilingual Astro-Palmist sensation. With over 15,000 palms of people from 65 countries decoded, he’s here to unlock the secrets within your hands, revealing a world of self-discovery.
Experience captivating talks, and a vibrant exhibitor showcase offering spiritual and wellness treasures. Also, discover OZÉE, a brand dedicated to meaningful change through reusable, eco-friendly, comfortable period underwear. Revolutionizing how you approach well-being.
Be part of history at Singapore’s first-ever Spiritual & Wellness Convention. Don’t miss this chance to amplify your journey to a more vibrant and enlightened life.
Events and Meaning was founded 3 years ago with the mission to support individuals and corporate companies to create meaningful events. Founded by Rashidah Rahman, her events have been graced by world-renowned speakers across the globe who have been featured on Forbes, BBC, Oprah Winfrey Show and Wall Street Journal as well as the President of the Singapore Republic. Her biggest accomplishment to date is successfully raising over $1.5 million through events and other initiatives. She has been featured as a guest speaker on The Empowered Woman Podcast, Wealth and Wellness Network and Blooming Your Business Spring Conference.
Rashidah Rahman | Events Organiser
+65 8431 5944
ra******@**************ng.com
by Ferry Bayu | Aug 30, 2023 | Business
Elon Musk lifts political ad ban at rebranded Twitter
Elon Musk on Tuesday lifted a ban on political ads put in place at Twitter to thwart misinformation before the billionaire bought the platform now called X.
Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there for the first time since January 2021.
Trump posted his police mugshot after his arrest in Georgia, signaling his return to a platform that was his favorite bullhorn during his years in the White House.
It was his first post since several days after the insurrection at the US Capitol that saw an enraged mob of his supporters attempt to block Joe Biden’s certification as president.
The then-Twitter permanently suspended Trump after the January 6 riot, ruling he had violated the platform’s policy on glorifying violence as he pressed his false claims that the election was stolen from him.
Musk, who bought the platform last year, reinstated the former president in November 2022, but Trump stayed away, choosing to reach his followers on his own platform, Truth Social, albeit with a much smaller audience.
X said in a blog post that allowing political ads, starting in the United States, was “building on our commitment to free expression.”
X policies prohibit promotion of false or misleading information, including bogus claims intended to undermine confidence in an election, the blog contended.
Trump’s recent mug shot post came with a caption reading “Election interference.”
A judge on Monday set March 4, 2024, for Trump’s election subversion conspiracy trial — placing one of the biggest criminal cases in American history at the height of the next White House race.
X said it is expanding its safety and elections teams to focus on combating manipulation of the platform and will provide an online center where political ads can be reviewed.
Musk slashed staffing after buying Twitter, raising concerns about its ability to moderate content and reliably function.
X said it is updating its Civic Integrity Policy for safeguarding elections to tackle content meant to intimidate or deceive voters while aligning with a Musk’s philosophy of letting people say what they want.
“X shouldn’t determine the truthfulness of disputed information,” the platform said in the blog post.
“Rather, we should empower our users to express their opinions and openly debate during elections, in line with our commitment to protecting freedom of expression.”
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