Digital banks stake out customer segments, but early returns likely limited

IN THE space of a week, 2 of the 3 expected retail digital banks have launched in Singapore: Trust Bank opened on Thursday (Sep 1), while GXS Bank made its services available to a select group within the Grab and Singtel ecosystem the day before.

That leaves Sea’s digital bank, Maribank, to announce its offerings.

GXS has said it is targeting the Gen Z demographic. It said on Wednesday that it had conducted focus groups and extensive research into what these customers want from a bank. The GXS app therefore includes personalisation options for saving goals – allowing customers to create savings “pockets” and to customise them with unique images.