Mobile Banking in Singapore (2017 Update)

Mobile Banking in Singapore

Mobile banking in Singapore is already the most used banking conduit. This is in accordance with the number of transactions carried out. Furthermore, by the numerous number of customers who have taken up this type of banking and at a rapid time frame.

According to a study conducted by McKinsey and Company, the proportion of people using digital banking has doubled between the years 2011 and 2014. This is especially so with Vietnam and Indonesia taking the torch across ASEAN countries. This includes Singapore, Malaysia, Brunei, Cambodia, Indonesia, Laos. Myanmar, Philippines, Thailand and Vietnam.

The growth of mobile banking in the Asian Pacific time zone has immensely opened up doors and opportunities for both incumbents and attackers. As a result in order to maximize on this venture, the DBS Bank has particularly put a lot of effort into leveraging technology. In a view to remaining relevant and competitive in this changing world. It’s Singapore’s largest bank yet. DBS is also a leading bank in the continent in its capacity. In order to entirely maximize in this it has committed to invest SGD 200 million in the digital banking platform as a region.

The DBS Bank has rolled out a couple of initiatives over the two years. DBS PayLah a mobile banking launched in May 2014 with the aim to enhance peer to peer payments. Another is the DBS SMS Banking introduced in October 2014 with a sole purpose to ease and perform simple banking transactions. Finally, within the two years, the DBS FasTrack has been in place since September 2015. This initiative provides seamless ordering and payment solutions to business people. Or rather merchants in different trades.

More recently, is the announcement by DBS Bank to launch the ‘DBS digibank’. This aim is to establish a better, smarter, faster and simpler banking experience. This will be the bank’s first mobile digital bank. It will be launched in India. It will join Pocket earlier launched in February 2015 which provides mobile banking services across India. Digibank will allow customers to open a bank account with minimal steps. Digibank also allows users to have a customized personal profile with shortcuts to their best suited mobile banking system. It creates a fun and interactive platform, enabling banking an enjoyable experience. It’s also a secure system as it has the feature of using the fingerprint to log onto their account. Furthermore, they will also be able to transact with a list of recent and favorite payees.

With its soft launch on March 2014, DBS digibank has experienced a positive reception getting over 200,000 downloads. In Singapore alone DBS claims to have over 2.5 million online banking clients and over 1.25 million mobile banking customers.

Mobile banking in Singapore seems to be quite an efficient and lucrative way of banking. Especially with the high technology that DBS digibank is simultaneously launching with OCBC’s new mobile app. OCBC’s new mobile app is designed for Apple Watch.

Best Credit SG Pte Ltd formerly known as Cing Dien Credit has been a licensed money lender in Singapore for more than 30 years. You can trust us to help you with all your cash needs. Be it a personal loan, foreigner loan or business loan, we can provide you with the cash you need. Contact us today at +65 6272 5538 or drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372.

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we are all so reliant on our mobile phones now
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