As virtual banking looms in Singapore, incumbents must prove digital mettle
It is not enough to ride the tech wave to make cost savings; they need to actively grow their top lines
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Singapore
AS THE drums sound louder on the landing of virtual banks in Singapore, analysts are warning that incumbents need to squeeze more from their digital pursuits to fend off the attack by large fintechs.
Two issues are worth close attention. The first is how incumbents are using technology to significantly grow their top line, instead of simply lowering costs for commoditised services; the second issue is the sustainability of efficiency gains from digitalisation.
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