“Singaporeans of all ages prefer their banking transactions with the help of new technology.” This quote provides good evidence of why consumers prefer the convenience of digital banking over traditional methods. The author also lists several reasons, such as not having to carry cash around, being able to deposit money easily, and being able to perform transactions at any time. There are many benefits to switching over to a digital bank account, which is another reason why people are open to it.
Singapore is one of the most developed nations in Asia with high access to technology. As such, Singaporeans are more receptive to digital banking than other nations. It would seem that the Singaporean population is ready for a fully digital banking system.
It is not difficult to see why the move to digital banking has been so successful. Digital banking is an innovative and convenient way of managing one’s finances and one of the primary reasons for this shift in consumer behavior is convenience. People want to spend as little time on their finances as possible and digital banking allows them to do just that.
This shift has been facilitated by a number of developments in infrastructure, such as internet connectivity, low-cost smartphones, and improved online payment methods such as e-wallets.
Nearly three of four Singaporeans (72%) would use a digital bank if it offered them better deals and features, according to a Nielsen survey commissioned by DBS.
Digital banks will offer more than just the ease of online banking: they will provide convenient and innovative features such as fraud alerts and fraud prevention, fraud reimbursement, 24/7 access to bank accounts, and instant money transfers.