Singaporeans are «bill payers» and not «investment makers» when it comes to mobile banking, according to data from HSBC.
Three-quarters of Singaporeans check their account balances on mobile banking applications, and two-thirds use it for bill payments, but only one-quarter use it to make short-term investments, and only 21 percent used it for long-term investments, a survey by HSBC has revealed.
The bank, which conducted a survey of more than 1,100 Singaporeans on their digital banking activity, found that a large majority of Singaporeans only used their mobile banking applications for basic banking transactions. It said this could be due to a general lack of confidence or knowledge of how they can get started on investing
«What this tells us is that more needs to be done to help Singaporeans be equipped with the basic investment knowhow. Providing easily accessible online financial education resources and simple investment platforms will be key,» Ian Yim, head of wealth and international, HSBC Bank (Singapore) said about the findings.
Covid-19 Shift
HSBC said it was working to develop its virtual banking offerings, especially in response to the «circuit breaker» period, and has introduced a number of remote-enabled processes and customer servicing journeys in 2020, including for portfolio reviews, structured product execution, home loan applications, account opening and lines of credit.
The bank said it saw self-directed investments into equities and unit trusts via its internet banking platform growing 300 percent and 250 percent respectively from the same period last year.
«As Singapore moves towards economic re-opening, we expect these trends to continue as challenges around digital familiarity and trust would have been cracked,» Yim said.
