PwC’s digital banking customer survey
– Singapore report
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.Explore key findings
of Singapore customers will keep their current primary bank accounts even after opening a digital bank account
of Singapore customers have at least one pain point with their bank today and those with more than three pain points are more likely to open a digital bank account
of Singapore customers would like their digital bank to also provide non-financial services
of Singapore customers do not trust digital banks with personal data security
Digital banks should put customers at the heart of what they offer. Having spectacular rates for example helps acquire customers in the short-run. But, to be successful in the long run, digital banks need to provide each customer with a personalised offering and a seamless customer experience.
Sam Kok Weng
Markets and Financial Services Leader, PwC Singapore
Tel: +65 9367 3340
Partner, PwC South East Asia Consulting, PwC Singapore
Tel: +65 9734 0662