Monday July 22, 2019
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Mobile Banking Becomes Main Personal Banking Channel in Singapore

Mobile banking is growing for a reason - it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances among others.

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Mobile banking
Virtual banking is becoming the go-to option for many customers in Singapore. Flickr

Digitization is revolutionizing the personal banking sector, with mobile banking experiencing a 15% jump over the last 12 months, as noted by Telecomasia. In fact, mobile banking now beats branch banking by transaction volume and new customer adoption in Singapore. Mobile is entering a revolutionary and rapid phase with regions like South East Asia and Africa becoming the main driver of this trend globally. Banks, in particular, are putting a lot of effort to leverage mobile technology to remain competitive.

Despite the rising popularity of mobile banking, banks need to fully transform before Singapore can be considered a mobile-driven digital economy:

Mobile banking
Bank of India. Flickr

Dedication to Improving User Experience 

Up to 46% of mobile banking users have reported issues when using their mobile banking app which the finance customer service industry are invested in improving. From logging problems to long loading times and even security issues, the personal banking sector understands the value in improving user experience. Loyal customers who save money each month via mobile apps are motivated by banks who embrace the enhancement of digital services, and who place their valuable customers at the center of their transformation. This not only improves their reputation, but also deepens overall customer relationships.

Building Trust and Brand Confidence is Top Priority

Personal banking is all about offering quality services to consumers in a convenient and effective way, and mobile banking falls perfectly in this category. But to achieve meaningful gains, building trust and brand confidence has to be a top priority for banks, as 41% of bank customers who are yet to switch to mobile banking apps cite trust and security as their main concern. Additionally, customers are faced with numerous choices in the market, combined with Fintech disruptions in the industry. To build trust, banks need to focus on developing mobile banking platforms that assure customers of secure, fast and efficient banking at all levels.

mobile banking
Despite the rising popularity of it, banks need to fully transform before Singapore can be considered a mobile-driven digital economy. Flickr

Virtual Banking is the Way to Go

Virtual banking is becoming the go-to option for many customers in Singapore. With mobile wallet use on the rise, more bank customers are expected to opt for multiple mobile banking apps to suit their specific financial needs. From Apple Pay that makes shopping online convenient to NetsPay that allows you to make digital payments via top banks in Singapore, virtual banking is expected to be the next frontier of growth in the personal banking sector. This is evident as we continue to see the emergence of more mobile banking solutions and e-wallets, with financial institutions adopting innovative digital banking technologies that make life easier to end customers.

Mobile banking is growing for a reason – it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances, convenient monitoring of all transactions, more efficient bill payments, saved time and money spent on visiting bank branches, among others. Despite the industry facing a few challenges, mobile banking is expected to remain the leading personal banking channel in Singapore.

Next Story

Facebook to Hire Banking Expert to Run its Digital Coin Libra

Sensing a multi-billion dollar opportunity to improve the cross-border payments system

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Facebook, Banking, Libra
Facebook's vice president of messaging products and a key figure behind 'Libra' digital currency project. Pixabay

Facebook is looking to hire a seasoned executive to run its digital coin ‘Libra’ project who has the know-how of the complex government and central banking system.

According to David Marcus, Facebook’s vice president of messaging products and a key figure behind ‘Libra’ digital currency project, someone with experience in government and central banking would be a great choice to oversee the currency.

“We need someone who knows how economies tend to work, who understands how to operate in a very complex, decentralized governance type of environment,” Marcus told The Information on Friday.

Sensing a multi-billion dollar opportunity to improve the cross-border payments system, Facebook has announced to launch its own digital coin called ‘Libra’ next year.\

Facebook, Banking, Libra
Facebook is looking to hire a seasoned executive to run its digital coin ‘Libra’ project. Pixabay

“We need someone who has the gravitas to be able to carry the message on behalf of all the members — the 100 members and more of the association when this thing goes live — rather than have each and every one of us have piecemeal conversations left and right with all of the different governments and regulators that this whole network will be subject to,” Marcus elaborated.

The new digital wallet for ‘Libra’ currency would be available in Facebook Messenger, WhatsApp and as a stand-alone app in 2020.

Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency.

Marcus denied reports that banks have rejected Facebook’s invitation to join the Libra Association.

Also Read- Northern India Registers Critical Fall in Groundwater Levels

“We have had conversations with banks. We still have conversations with banks. And my expectation is that by the time this thing launches next year you will have banks that are going to be members of this,” Marcus was quoted as saying.

According to Facebook CEO Mark Zuckerberg, “In addition to our efforts, many other companies will build their own services using Libra — from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Ubera.

“A number of leading venture firms are also joining to help drive innovation on the Libra network. We’re hoping to have over 100 co-founding members of the Libra Association by the time the network launches next year,” Zuckerberg said.

Facebook currently generates 99 per cent of its revenue from advertisements and digital currency would help it reach billions of users across products — aiming to create another stable revenue stream and make cryptocurrecny-based payments mainstream. (IANS)