Digital Readiness Survey 2021: Highlights for Corporates

In the third edition of the DBS Digital Readiness Survey, Asia Pacific corporates have stepped up their digitalisation efforts with clearer and more holistic approaches to digital transformation.

As the need to digitalise becomes more urgent, corporates have switched gears to become more proactive in their efforts. They are exploring new ways of working, supporting key actors in their supply chains, and continuing to pivot sales and distribution models to meet the ever-changing demands of clients and partners amid the pandemic.
 

Treasurers - the drivers of digital change

Seven in ten corporates in Asia Pacific have digital transformation strategies in place, with the treasury functions increasingly pushing for digitalisation. Treasurers are actively collaborating within their organisations and leading the digital journey to become ‘future fit’. One in three treasurers are considered in the vanguard of their companies’ digitalisation plans.

Top technology investments include trade and supply chain financing and cash management

Corporate treasurers in Asia Pacific are shifting focus in their new technology investments to support their companies’ transaction services requirements, with 65% of corporates investing in trade and supply chain financing and 56% spending on cash management solutions.

API technology rises in popularity

There has been a sharp increase in corporates connecting to their banks through APIs, and this connectivity has grown from 37% a year ago to 56% currently. In comparison with international markets, Asia Pacific is firmly ahead of the US (47%) and rapidly catching up to the UK (61%) in the use of APIs for banking connectivity.

For more in-depth findings of corporate digital readiness in Asia Pacific, follow the links below to read the report: