Based on the study, 84 per cent of Singapore respondents indicated that they would be interested in using digital banking services offered by an existing bank. Seventy-five per cent of them are keen to bank with companies within the financial services industry and reputable companies that are not in financial services. Three in five (63%) respondents also highlighted that they are keen to bank with new startups.[2]

Among those who are open to digital banking services offered by non-banks, six in ten (60%) are willing to switch some services from their current bank to new digital banking players which have no prior banking experience. One in five (20%) respondents also shared that they would move all their services to a neobank without hesitation.[3]

Respondents are lured by sign-up promotions, more innovative products and services and access to better rewards when choosing to use digital banking services from a non-bank. The top services that respondents would use a digital bank for include money transfers to family and friends (64%), paying bills (63%) and payments at retail shops (56%).[4]

“The digital banking space in Singapore and Southeast Asia is set for a year of unprecedented growth, setting the stage for the next revolution in banking,” Visa Country Manager for Singapore and Brunei, Kunal Chatterjee, said. “When the region shifts to a millennial, digital-led demographic, more consumers will expect digital-first experiences, and want their banking and payments to match the speed and convenience of their user journeys. At Visa, we are a network of networks to facilitate seamless money transfers, and our role is to connect and work with banks and fintechs to deliver the best-in-class payment experiences to make consumers’ lives simpler and more seamless.”

The top reasons why Singapore respondents prefer digital banks include convenience (54%), faster service (52%) and not needing to wait in line (45%). Information that respondents are most willing to share with regard to open banking include bank account history (67%), contact information (64%) and social media profile (63%). Singaporeans trust banks (62%) the most when it comes to access to personal information, followed by government bodies (58%) and payment providers (58%).[5]

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[1] The Visa Consumer Payment Attitudes Study was conducted in October 2019 by ENGINE Insights with 511 Singaporeans aged 18-65 years of age. This is part of a regional research project conducted in Southeast Asia on 5,000 consumers across seven markets in Southeast Asia.
[2] Visa Consumer Payment Attitudes Study - Singapore
[3] Visa Consumer Payment Attitudes Study - Singapore
[4] Visa Consumer Payment Attitudes Study - Singapore
[5] Visa Consumer Payment Attitudes Study - Singapore