Home Business Mobile Bankin...

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.

0
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

Know What Post COVID World Holds For Industries

What will be the way forward post-pandemic elucidates Karan Bhagnay, Founder of The Global Luxury Group

0
covid-19
Covid-19 has led drastic changes to happen in the world economy. Pixabay

There is a lot of rhetoric and despair surrounding the current COVID-19 scenario which has declared the market slow-moving or outright stagnant. A cerebral two-day webinar, STIMULUS 2020, was designed to cut through the volume by speaking with industry experts who have dealt with similar cards before. To connect with strategists, business owners and executives in order to canvas possibilities and new ideas in media, luxury, lifestyle, leadership and other industries.

IANSlife spoke to Karan Bhagnay, Founder of The Global Luxury Group who co-organised the event with, Crosshairs Communications (PR Partner) & WIN (Women Inspiring Network – Content Partner) to find out his thoughts on the topic.

Q. Luxury is recession proof but is it also COVID-19 proof?

Bhagnay: We, at The Global Luxury Group agree upon the reality that the customer’s mindset at every level will change post lockdown. This could lead to minimalism in a large context, hence, it will actually affect the shopping pattern of certain customers; it will in turn increase its effect on the entire luxury market. So there will be huge demand versus supply. Hence unlike with recession, I think the entire luxury industry will go through a huge shift in mindset which will prove this that luxury is not COVID-19 proof. It is not.

Q. Startups to flourish or wither with impact of COVID-19

Bhagnay: According to me it is a very inappropriate question. It’s directly propotional to what startups are doing. For example if you were earlier solving problems like these which became a catalyst to the current way of living then the startup will do well. But if you are running a startup around social interactions or an event company then you will see that your numbers will fall drastically, it can nullify especially during the lockdown and later.

 

COVID
COVID-19 has impacted states in many ways, recovering will be tough. Pixabay

Hence, startups will flourish or fade away is specific to what startup you represent. In my case it;s being able to hustle between a digital world and the physical world, its about hustling between events and ecommerce; so, my events business will go through rough times in the current days, but my ecommerce business and my digital businesses will flourish in the coming days.

Q. E-commerce and digitization the new normal for any and every business?

Bhagnay: I truly think so. It is true that ecommerce and digitalization is going to be the new social. You got to have your presence here, otherweise your company, whether it is a small luxury brand or a large scale mall, is going to loose its target audience attention soon. Without digitalization and ecommerce I think it will be very difficult to sustain in the coming wave of paranoia amongst the individuals. I think digitalization and ecommerce are here to stay.

Q. Events like The Indian Luxury Expo will overcome the fear of social proximity and will be back to business as usual?

Bhagnay: The current state is one and equal for everybody globally. I can not confirm that it will bounce back the way it has in its old glorious days. Indian Luxury Expo will tweak itself becoming a much meaningful event amongst select individuals. And that is how it’s going to redo itself than being a large scale event which calls for a huge social gathering. I think row concept of social gathering is going to fade for some years atleast two three years to come.

COVID
e-commerce and digitalization likely to be the new social. Pixabay

Q. Is India is set to become the world’s fastest wealth creator in the next few years?

Bhagnay: Well definitely the way current government actually coped with the scenario, it is true that India will not be affected to the average potential of how it could have been, knowing our population and our way of living life which is quite social compared to Europeans or Americans.

We do indulge in a lot of social gatherings in every context from our office work to our transport systems to our religious beliefs. Knowing all of that I think we have not even touched an average estimate of what this could impact in India. And because we are overcoming that India remains pretty much safe in terms of its business.

Also Read: Abu Dhabi to Launch A Cleanliness Certification Drive

Since a large part of the Indian population consists of mainly youth, we are going to be wealth creators in a large way. We are a young nation, 70 percent of the total population is young and thus digitalised. The govt. has invested heavily in last five years in digitalization. Now most of the people are equipped with smart tools like mobiles phones and good internet connections. This will help the Indian economy to be much better than all the other large affected economies like Europe, United Kingdom, China or U.S.A. I think they are going to experience a sharp cut down in their GDP, in their entire scheme of being wealth creators. Now I think India will evolve as a huge young nation looking forward as a wealth creator in varoius ways. (IANS)

Next Story

Rs 4,000 Crore Plan for Herbal Cultivation Includes Ganga River Banks, Informs Finance Minister

NMPB will identify 800 hectare of land near the river for the same

0
Finance Minister Nirmala Sitharaman on atomic energy research reactor
Finance Minister Nirmala Sitharaman said that the government will provide level playing field for private companies in satellite launches and space-based services. Wikimedia Commons

Finance Minister Nirmala Sitharaman on Friday informed that a corridor of medicinal plants would be created on the banks of the Ganga and for this National Medicinal Plants Board (NMPB) would identify 800 hectare of land near the river.

It forms an important part of a slew of initiatives announced by the minister towards development of agricultural infrastructure, capacity building, logistics and legislative reforms.

-River_Ganga Finance Minister
Finance Minister Nirmala Sitharaman’s decision to create a corridor of medicinal plants on the banks of the Ganga is part of the Rs 4,000 crore programme launched for the promotion of herbal cultivation. Wikimedia Commons

Read More: No Trace of Community Transmission in Karnataka: Medical Education Minister

The NMPB has supported 2.25 lakh hectare area under cultivation of medicinal plants. Now, 10,00,000 hectares will be covered under herbal cultivation in next two years with the outlay of Rs 4,000 crore.

The move is expected to lead to Rs 5,000 crore income generation for farmers. It will also develop a network of regional Mandis for medicinal plants. (IANS)

Next Story

Majority of Urban Indians Have Chosen Banks as Most Essential Service During Lockdown, Reveals Survey

The Home ministry's decision to cancel the permission to sell non-essential commodities on e-commerce platforms may add to the disappointment of many who consider the online sale of kitchen appliances

0
Lockdown
At an overall level, people seem happy with the availability of essential items in the lockdown, with 76 percent respondents saying they are satisfied with the available essential services and don't want any more amenities. Pixabay

Nine in ten urban Indians (89 percent) picked banks as the most essential service during the lockdown from a list of businesses providing non-essential goods and services. Respondents who are 40+ were more likely to say this than those between 18-29 years of age (91 percent vs 86 percent), says a survey.

Following this, around three-quarters (74 percent) think of online home repair services to be crucial during this time. The onset of summer and the need for AC and fridge servicing could be the reason for placing greater importance on this need, notes a survey by YouGov.

Many people consider newspapers and magazines as well as pet stores to be of higher importance (61 percent each) in the current scenario than the availability of alcohol- through delivery or at shops (16 percent) and cigarettes (12 percent). However, among the different regions, East India is most likely to consider alcohol and cigarette shops as providing essential services, with 24 percent and 17 percent, respectively, saying this.

Residents of South India are most likely to give newspapers the highest consideration while residents of West India are least likely to do so (68 percent vs 49 percent). The demand for pet stores, however, is comparatively lower in South India. Similarly, the need for pet stores and services is more urgent for tier-1 residents (with 66 percent saying this) than tier-2 (57 percent) and tier- 3 (59 percent) residents.

Please Follow NewsGram on Twitter To Get Latest Updates From Around The World!

The Home ministry’s decision to cancel the permission to sell non-essential commodities on e-commerce platforms may add to the disappointment of many who consider the online sale of kitchen appliances (40 percent), gadgets (33 percent) and body care/ skincare products (35 percent) as essential.

There also seems to be scepticism towards some businesses that the government has allowed to trade during the pandemic. While 60 percent said they consider postal and courier services essential, people seem to be in a less dire need of local standalone salons and parlours, and only a meagre proportion counts salon services – either at home (15 percent) or at shops (13 percent), as eessential’.

Rupee
Nine in ten urban Indians (89 percent) picked banks as the most essential service during the lockdown from a list of businesses providing non-essential goods and services. Pixabay

Lastly, the government’s dilemma to revoke the restriction on the operation of gyms and fitness centres seems to match the divided public opinion on whether it is essential or not. Close to half (46 percent) think of them as key services, but almost as many (54 percent) feel they are unnecessary.

At an overall level, people seem happy with the availability of essential items in the lockdown, with 76 percent respondents saying they are satisfied with the available essential services and don’t want any more amenities. 17 percent, on the other hand, are dissatisfied with the services and want more amenities during the lockdown.

ALSO READ: Lockdown: Make Physical Activity a Part of Your Kid’s Routine

As per a new order, the Ministry of Home Affairs (MHA) has allowed some shops providing non-essential goods and services to reopen. However, many businesses still remain closed. (IANS)