Digitalization is strong in Singapore’s financial sector, including in internet banking, but mobile banking capabilities are still lagging when compared with global leaders.
Banks in Singapore lag behind in mobile banking when compared to the global digital champions, according to a recent report by Deloitte. The mobile banking gap was widest in terms of day-to-day banking and end relationship functionalities – capabilities like quick, user-friendly account closure or retention offers.
«Identifying less engaged customers and activating retention activity will become increasingly important as the market becomes more competitive,» said Mohit Mehrotra, financial services industry consulting leader at Deloitte Southeast Asia.
Digital Maturity
Nonetheless, Singapore’s digital channel maturity is relatively high and compares well with global leaders. According to Deloitte, «digital champions» in internet banking scored an average of 62 percent compared to Singapore’s 60 percent.
«Singapore is a country with very high mobile devices usage, and it makes a lot of sense for the banks to consider more functionalities on their mobile apps to enhance their customers’ experience across all steps of the customer journey,» Mehrotra added.
