Digital banking: Singapore customers take charge

Customers in Asia are rapidly adopting digital technologies for their day-to-day lifestyle and financial needs. Recognising this, banking regulators across Asia, including the Monetary Authority of Singapore (MAS), have started to open the banking markets with the granting of new banking licenses for digital-only banks. So how are customers responding to this change? Are they ready to make the switch to digital banks? How open are they to the idea of sharing their data with digital banks? PwC conducted a survey to explore what customers in Singapore have top of mind when they are thinking about the shifting banking landscape, if/how/when they are likely to react, as well as the potential implications for players in the banking industry, especially the digital entrants. Over 4,500 bank account owners across Malaysia, Singapore, and Hong Kong were interviewed, of which 1,501 respondents were from Singapore.