Singapore banks must go bionic or be left behind

TODAY in Singapore, there are strong indications that people are ready for digital banks. Despite a population of only 5.5 million, Singapore has the highest Internet penetration (81 per cent) and mobile penetration (156 per cent) in South-east Asia. By comparison, Poland's Internet penetration was only 21 per cent in 2002, when digital banking pioneer mBank entered the market. Singapore's digital banking penetration (94 per cent) is also the highest in South-east Asia.

However, mobile banking (using smartphones) penetration lags behind Internet banking and represents only around 50 per cent of the digital banking market.

Clearly, Singapore's consumers are eager to embrace the convenience of digital banking. They want a bank that not only protects their assets and helps them achieve their financial goals, but also provides regular and convenient interactions, total reliability, simple ways of doing things, and adaptability when life circumstances change.