Digital banks must click with customers' needs: Analysts

The Monetary Authority of Singapore recently announced that it will issue up to five new digital bank licences for both full and wholesale banks to players who may not have an established record in banking. SMU Assistant Professor of Finance Hu Jianfeng opined that it is generally more difficult and costly to steal customers from their banking relationships than offering banking services to the unbanked. He added, “It can take some time for the digital banks to show that they know what to do in order to win the trust of customers.”