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
    • Startup Investing
    • Fundraising
    • Product Launching
  • 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
TC Ventures

Photo by Mike Enerio on Unsplash.

10
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).

What are your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
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

Grab
Featured

Grab reports 6% revenue rise in Q1 2022

May 19, 2022
Antler
Featured

Venture investor Antler commits $100m to over 300 startups in SE Asia in 4 years

May 19, 2022
Pitik
AgriTech

Indonesian poultry tech startup Pitik secures $14m in Series A funding

May 19, 2022
Coins.ph
Featured

Coins.ph secures $30 million in Series C funding led by Ribbit Capital

May 19, 2022
PAG
Featured

PAG, First Solar agree to landmark renewable energy deal in Japan

May 18, 2022
Sea Limited
Featured

Sea Limited posts 64.4% year-on-year revenue growth in Q1 2022

May 17, 2022
Next Post
Uni

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

Discussion about this post

No Result
View All Result

FREE NEWSLETTER

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms 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
    • Startup Investing
    • Fundraising
    • Product Launching
  • MORE
    • Events
    • Startups Advice
  • Submit an Article
  • Forums
  • Jobs
  • REGISTER
  • Login

Copyright © 2021 AsiaTechDaily.com| About Us | Seed acceleratorTerms of Use| Privacy Policy| Cookie Policy Contact : [email protected] | DMCA.com Protection Status | trusted by Wimgo