The next step in digital banking

With improved user experience, digital banks can address the many pain points associated with banking. The digital banks should not try to emulate traditional banks but instead build on their unique strengths. — Image by freepik

IT has been five years since digital banks first appeared in Asia’s most famous financial centres — Hong Kong and Singapore — but their impact has not been as big as expected.

Despite securing many customer accounts, deposit bases are relatively small compared to conventional banks while profits remain elusive.