Singapore’s incumbent banks should work on customer engagement, say industry watchers

INCUMBENT banks in Singapore should focus on improving customer engagement as they begin to face competition from digital banks, industry watchers said.

They noted, however, that the newly launched digital banks are unlikely to pose strong competition to the incumbents in the near term.

Trust Bank and GXS Bank, both digital-only retail banks, announced their offerings on Sep 1 and Aug 31, respectively, although GXS Bank’s services are not yet available to the public.