fbpx
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Product Launch
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • REGISTER
  • login
No Result
View All Result
No Result
View All Result
Home Featured

Banks in Singapore need to protect advantages to remain relevant, study reveals

Team AsiaTechDaily by Team AsiaTechDaily
16 December 2021
in Featured, Financial Technology
0
Singapore

Photo by Mike Enerio on Unsplash.

21
SHARES
Share on FacebookShare on Twitter
Bookmark (0)

Please login to bookmark

No account yet? Register

Consumers’ primary financial relationships (PFRs), hunger for digital solutions, and need for new online services were all investigated in EY’s NextWave Global Consumer Banking Survey, which was released recently.

The findings revealed that incumbent banks in Singapore must take steps to safeguard their competitive advantages in order to remain relevant to customers, relying on their long-standing trust connection to pivot with convenient and easy-to-use digital solutions such as super apps.

“Incumbent banks have a significant opportunity here to be the unifying point for consumers’ multiple financial relationships, given their trust advantage concerning the critical need of protecting consumer data,” said Andrew Gilder, EY Asia-Pacific Banking and Capital Markets Leader.

He added that owning a customer relationship through a super app “allows banks to better tailor their own products while also assisting consumers in consolidating their banking relationships.”

He pointed our that the open banking idea, as well as data exchange with appropriate consent, will be crucial enablers of this integration.

Singapore is one of the markets with the lowest neobank adoption rates in the world.

A neobank product or service is used by 23% of Singapore respondents, with technology brands seen to offer superior products and services and to be more innovative.

However, most Singapore respondents have yet to choose a neobank as their PFR, with only 1.5 percent choosing a neobank as their PFR, the second lowest rate of all the markets in our poll.

In Singapore, 55% of respondents had three or more financial partnerships, indicating that they don’t believe any one company will be able to service all of their demands.

It also shows that consumers will be willing to test out the services of the digital challengers.

Another 63 percent of Singaporeans consider seamless integration of all their financial activities to be very or extremely important, demonstrating how much importance customers place on integrating multiple suppliers’ services and activities.

“Super applications” that combine numerous financial services (e.g., checking and savings accounts, investments, and payments) into one app or digital experience are extremely or very appealing to 54 percent of respondents.

Partnerships with other financial institutions and high-tech businesses for extended products and services would increase the value of their PFR bank, according to 76 percent of Singapore respondents.

This percentage jumps to 85% for both the 18-24 (Gen Z) and 25-34 (millennials) age groups.

Strong privacy policies and features are, by a large margin, the top priority for Singapore respondents when it comes to influencing purchasing decisions.

Other aspects that Singapore customers value include rate and fee benefits (e.g., free products and services).

Previous Post

Indian fresh produce supply startup Ninjacart raises US$145 million funding from Flipkart and Walmart

Next Post

Indian FinTech startup Uni bags US$70 million funding in Series A round

Related Posts

edit post
Bayo Pay
Featured

Malaysia’s Bayo Pay bags $2.4m in Series A round led by VentureTECH SBI

June 2, 2023
edit post
Oxalus
Blockchain

Blockchain startup Oxalus raises $1.1m for NFT social commerce expansion

June 2, 2023
edit post
Sleek CEO, Eric Kim at the East meets West Pitch competition
AI & Big Data

Sleek’s ‘Hifive’ Fitness Platform Triumphs at 2023 East Meets West Pitch Competition in Hawaii

June 2, 2023
edit post
WeGoWhere
Featured

500 Global leads $1.2m Seed funding in social networking startup WeGoWhere

June 1, 2023
edit post
Hybr1d
Featured

SG startup Hybr1d raises $3.2m, eyes global workforce management expansion

June 1, 2023
edit post
TRIREC
Clean Technology

TRIREC, INNOPOWER team up for $100m green energy fund

May 30, 2023
Next Post
edit post
Uni

Indian FinTech startup Uni bags US$70 million funding in Series A round

Discussion about this post

No Result
View All Result

Follow Us

FREE NEWSLETTER




Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Ecosystem
    • Marketplaces & E-commerce
    • Robotics
    • Investments
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Product Launch
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2023 AsiaTechDaily.com| About Us | Seed accelerator| Terms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback