Dan Jones On Digital Banks’ Growth In Singapore

While digital banks in Singapore have been operating for about two years, turning a profit remains elusive for them despite increases in total income. Dan Jones, Head of Digital, Asia Pacific at Oliver Wyman spoke to The Straits Times on how the question now is centered around growing these digital banks.

Dan noted digital banks have an edge over the incumbent banks because they can operate at a lower cost per customer. They are built on a modern, scalable architecture that allows them to launch new products, features, and services very quickly, "certainly quicker than has been possible over the last 10 to 20 years", he said.

He added that the digital banks are also moving into fee-generating products like investments and insurance. "That will hopefully give customers a lot more options and enable them to fulfil their financial needs through a digital-first channel," he shared.

Looking ahead, according to Dan, there are opportunities to learn from how Chinese digital banks collaborated with other stakeholders in business ecosystems to become one-stop shops for customers for everything from buying cinema tickets to paying bills.

Read the full article, here (paywall).