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Yeap Ming Feng
02 Dec 2020
Head of Seedly at Seedly
Hey!
Lately, we can see local banks stepping up and undergoing some digital transformations.
On the consumer front, we are rewarded with better User Interface for our banking mobile apps and platform.
We will also be looking at various digital bank license being given out in the near future.
https://blog.seedly.sg/singapore-digital-bank-l...
While we are generally still unsure of what the digital bank licenses even mean, though there are some ideas behind what we can expect. These ideas are based on what we can foresee happening abroad.
Here are some possibilities, some are already in place
Better expense tracking across all banks
Performing transactions anytime, anywhere and possibly real-time
More efficient ways to invest, take up a loan or purchasing a financial product.
We are even thinking less middle man costs and faster processes internally.
But that being said, digitalisation has its pros and cons. Cybersecurity will be one of the major concern amongst the population.
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I think digitalized is a trend that can't be resisted.
Sticking with the optimist view, one could argue that there is still time for banks to act decisively in a late cycle before we hit a recession.
After all, idiosyncratic performance continues to explain a large part of a bank’s economic returns—be it through levers to achieve scale or to truly differentiate itself in the markets it serves.
As growth slows and average banking valuations decline, pulling these levers becomes ever more
crucial.
But how can executive leadership take advantage of the late cycle to get a jump on the beginning of the next cycle?
The key is to prioritize and deliver on bold and critical moves.
For more information, please read this blog
https://www.shareableasset.com/insights/the-fut...