"The West has led much of the development of the world’s modern banking industry across all dimensions—from size, to growth, to business models, and innovation. In recent years, however, Asia has tilted the scale, delivering game-changing growth and innovations in banking services. This reflects not only the increasingly central role of diverse Asian economies in global trade and economic growth, but also Asia’s renewed leadership in scaling innovative technologies and new business models. Now, as the pace of growth slows, Asia’s banks face serious challenges and must reinvent themselves to survive."
You can read this paper, in which McKinsey summarizes the current status of Asia’s banking industry and outline one possible plan of action by which banks may reinvent themselves for the digital age HERE.