Pure-play digibanks here to stay despite banking disruptions and online scams

DIGITAL banking has become too ingrained in daily life for consumers to give it up, even in the face of disruptions and scams. Industry watchers said pure-play digital banks – such as GXS Bank, MariBank and Trust Bank – have little to fear from a growing emphasis on physical options in banking operations.

The increasing frequency of banking disruptions – including a major one at DBS last month that affected both cash transfers and credit card payments – has highlighted the importance of a physical presence.

DBS reopened its branches after hours during its Oct 14 outage to provide assistance to its customers – an option that would not be available to a pure-play digital bank.