Singapore banks urged to invest in digital banking
Singapore banks urged to invest in digital banking
Singapore banks are being encouraged to invest in digital banking which is set to overtake branch networks as the main way customers interact with them by 2015.
A new PwC report ‘The new digital tipping point’, has suggested that banks will be missing a vital new source of revenue growth if they are too slow to respond to the digital innovations that have radically changed business models and redefined customer experience.
This is despite strong demand for digital banking products from consumers and the fact they are willing to pay for these.
Greg Unsworth, Singapore Technology, InfoComm, Entertainment and Media Leader, PwC LLP, cited, “Singapore has one of the world’s highest penetrated markets for Internet and mobile usage as apparent from our Global Entertainment and Media Outlook 2011-2015 conducted annually. It is not surprising that customers in Singapore have also come to expect a richer digital experience.”
He continued, “They have better access to information and choices, not just from ‘the experts’ but also from peer groups and ‘word-of-mouth’ sources, and they have a bigger voice in the social media space to propagate their opinions.”
Michiel van Selm, Director, Financial Services Industry Practice, PwC LLP Singapore, added, “Banks here need to deliver more innovative and richer digital experiences to tap the loyalty of customers, especially Generation Y as they start to reach the peak age of financial consumption. Investing in digital offerings is no longer just a way to reduce cost.”
A new PwC report ‘The new digital tipping point’, has suggested that banks will be missing a vital new source of revenue growth if they are too slow to respond to the digital innovations that have radically changed business models and redefined customer experience.
This is despite strong demand for digital banking products from consumers and the fact they are willing to pay for these.
Greg Unsworth, Singapore Technology, InfoComm, Entertainment and Media Leader, PwC LLP, cited, “Singapore has one of the world’s highest penetrated markets for Internet and mobile usage as apparent from our Global Entertainment and Media Outlook 2011-2015 conducted annually. It is not surprising that customers in Singapore have also come to expect a richer digital experience.”
He continued, “They have better access to information and choices, not just from ‘the experts’ but also from peer groups and ‘word-of-mouth’ sources, and they have a bigger voice in the social media space to propagate their opinions.”
Michiel van Selm, Director, Financial Services Industry Practice, PwC LLP Singapore, added, “Banks here need to deliver more innovative and richer digital experiences to tap the loyalty of customers, especially Generation Y as they start to reach the peak age of financial consumption. Investing in digital offerings is no longer just a way to reduce cost.”
Comments
I can see where this is going to be a reality. There are so many people already who seldom go to their bank because they can do pretty much everything online and not have to worry about anything.
When there are more countries seeing the worth of banking online as money falls we will see more brick and mortar banks closing because of necessity.
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