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Digital banks unlikely to displace incumbents: PwC report

The arrival of virtual and digital banks has piqued the interest of customers, but few are likely to make the switch, according to a new report.

A report filed by PwC mentions that only two in five would open a digital bank account assuming it is well known and successful while only one-third would make it their digital bank account in Singapore. The “Digital banking: Singapore customers take charge” report shows a high level of satisfaction among customers in the region with their primary bank despite71 percent in Singapore pointed at least one pain point with their bank. Moreover, over 70 percent of those in 18-39 year-olds bracket and 70 percent in the high-income segment are increasingly interested to opt for a digital bank account showing an opportunity for digital banks to strengthen their product offerings on one platform with differentiated customer experiences.

Source: Finews