With the use of mobile banking in Singapore easily overtaking physical branch interactions by 15% in the past year, there is some question whether doing a financial transaction in branches still remains relevant for a population that has gotten used to living their life in front of a screen.
Nearly eight in 10 Singaporeans are considering opening an account with branchless banks, according to a survey by management consultancy firm McKinsey. Of this number, more than a third (35%) are willing to transfer their account assets into a digital wallet.
In recent months, DBS unveiled a chatbot, POSB digibank Virtual Assistant, allowing customers to perform transactions via Facebook Messenger. Not to be left behind, OCBC rolled out an algorithm-based robo-advisory service for its wealth management arm whilst UOB launched contactless ATMs.
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