3 in 5 Singaporeans open to digital-only banks

More than half are willing to jump to new players with no prior banking experience.

More than half (65%) of Singaporeans are open to adopting a digital-only bank, according to a Visa consumer payment attitudes study.

Three-fifths (60%) are willing to switch some services from their current bank to new digital banking players which have no prior banking experience, with one in five (20%) saying that they would move all their services to a neobank without hesitation.

Three-fourths (75%) expressed interest in banks within the financial services industry and reputable companies that are not already in financial services. More than three in five (63%) also highlighted that they want to bank with new startups.

Traditional banks remain favoured by Singaporeans, however, with more than four in five (85%) of respondents keen to use digital services by an existing bank.

Convenience was cited as the top reason (54%) why Singaporeans prefer digital banks, followed by a faster service (52%) and not needing to wait in line (45%).

Information that respondents are more willing to share to digital banks include bank history (67%), contact information (64%), and social media profile (63%).

The top services that respondents would use a digital bank for include money transfers (64%), bills payment (63%) and shopping (56%).

Respondents are lured by sign-up promotions, more innovative products and services and access to better rewards when choosing to use digital banking services from a non-bank.