Digital banking transactions soar amid restrictions on movements (The Business Times)

With the wide curbs on movement and the push to work from home amid the Covid-19 pandemic, more consumers here are turning to digital banking.

Singapore’s largest bank has numbers to show for this. Over the first three months of this year, DBS saw a S$8 billion increase in value of transactions conducted digitally, compared to the same period last year. The bank now expects one million of its customers to go “fully digital” by the end of 2020 – rolling forward an initial projection by a year.

DBS, which serves 5.3 million residents in Singapore, counts those who have not visited a physical branch for the last 12 months as “fully digital” customers.

Much of this spike was driven by safe distancing measures implemented to reduce community spread of the novel coronavirus, said DBS’ head of consumer banking Jeremy Soo. His team saw more than 100,000 customers making their debut digital transactions from January to March, out of which almost a third, or close to 30 per cent, are above the age of 50.

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The Business Times

16 April 2020

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