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Digital banks: How is it different from traditional banks?

Noting that the Covid-19 pandemic has accelerated the embrace of digital services, Deputy Prime Minister Lawrence Wong said seniors in Singapore, traditionally seen as less tech-savvy, have started using digital banking. He cited a SMU study which found that 80 per cent of bank customers aged 60 and above used digital banking in 2021. This was up from just 20 per cent in 2019. Mr Wong, who is also Finance Minister was speaking at the launch of the new digital bank by Standard Chartered Bank and the National Trades Union Congress on Thursday (Sep 1).