Singaporeans Have An Opportunity To Forget Banks
These factors can lead to radical changes in the payments industry. For example, this year’s new open banking rules aim to increase competition by providing third-party access to data and developing applications and services for large providers.
Meanwhile, several financial companies have already disrupted the current payment model and we can expect more.
Singaporeans Can Grow Savings Without Old Banks
Banks will continue to play a role, Accenture says. But if they don’t think about their model, other big tech players like Google and Apple will do it for them.
In this context, a Deloitte consultant has identified four possible future scenarios for the payments industry, which are discussed here.
In this scenario, payment infrastructure will become more open, but customer trust in non‐banks is low. This will limit non‐bank newcomers to a handful of players with brand and scale.
Challenge Your Bank
More Money, More Travels
A CARD TOGETHER WITH AN APP
BigPay Is A Challenge That Banks Are Afraid To Accept
According to one of the founders of the mobile bank looking to do so, ambitious digital bankers hoping to topple the big high street players will take “years” to make money.
However, Mondo lead investor and sponsor Eileen Burbidge said it was clear that startups and aspiring banks would create business models and create profitable companies, adding that the potential for profit was “very clear.”
The crowdfunding tapes have been beaten by fintech startup BigPay, an app that teaches kids how to manage money and that includes a prepaid pocket money card, underscoring interest in new tech companies looking to disrupt traditional financial services.
Banks Are History. Every Bank Function Is Now Automated.
We live in a digital age, and therefore no institution in the global economy can be immune from automation and the emergence of digital controls.
Banks and financial institutions were among the first to introduce automation given the tremendous benefits they get from using IT (Information Technology).
The reason banks and financial institutions quickly adopted information technology is because their operations, when performed manually, take up a lot of their employees’ time and effort, and also force them to perform routine activities over and over again, resulting in loss of productivity and misses the opportunity to move up the value chain.
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