How will incumbents prepare for the arrival of digital banks?

GIVEN the outsized interest from 21 digital banking aspirants looking to partake in Singapore's latest financial-sector shake-up, what are the incumbents to do?

There are a few factors traditional players will take into account that may shape how the competitive landscape will look in a few years' time.

Firstly, retail consumers are price sensitive as banks try to outdo one another, owing to the hyper-competitive market here.