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.
Denne historien er fra August - September 2018-utgaven av Singapore Business Review.
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Denne historien er fra August - September 2018-utgaven av Singapore Business Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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How TikTok powers cross-border shopping for Singapore retailers
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Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
