Digital banks are catalysing change across the global banking sector with their keen focus on hyper-personalisation, adoption of new technologies and willingness to embrace new business models. Singapore has jumped into the fray, and the timing is just right.
Strong differentiators with innovative and unique offering to address consumer pain points will lead the game in the long run. Customer empowerment, product simplicity and speed of execution are features that define successful digital banks.
The digital banking regime will help to reinforce Singapore as a financial centre. With increased competition, niche customer pain points are likely to be addressed in a timely and sustainable manner through innovative technology platforms. Winning digital banks will put customers at the heart of what they do and be able to offer the intuitive customer journey experience that we have grown used to in today’s digital-first world.
As organisations weigh their options, we believe the focus should be on addressing key questions anchored on 5 guiding principles.
It will be a beauty parade of sorts, clearly setting apart potential winners with strong strategies based on cutting-edge market insights and detailed customer journey understanding, unique service offerings and solid foundation cemented by new technologies and financial strength.
Traditional banks can take no more time in shifting focus from products to relevant customer journeys and experiences. It is imperative to consider potential partnerships to acquire, retain and grow customer relationships. Digital fitness will be imperative in the face of unprecedented competition.