Digital banking customers lured by rewards: Visa

Singapore

THE introduction of up to two new digital full banks in Singapore may shape up to be a rewards-driven pursuit, with over half of consumers willing to bank with non-traditional providers enticed primarily by "offers and promotions upon sign-up".

Visa's annual survey on consumer payment attitudes found that six in 10 Singaporeans would move some services from their current traditional banks to providers with no prior banking experience, with over half, or 52 per cent, of these consumers anticipating the new players to dangle better sign-up offers.