Digital-only banks offer all facilities online

Digital-only banks typically do not have a need for physical branches, as all their services are provided online. They can also offer services using automated processes and real-time updates.
Digital-only banks typically do not have a need for physical branches, as all their services are provided online. They can also offer services using automated processes and real-time updates.PHOTO: ST FILE

Singapore has witnessed a wave of online banking in the past few years, with people doing transactions and checking their balances online instead of going to physical branches.

But the tide is moving even faster towards digital-only banks, which have been adopted in cities such as Hong Kong.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content
A version of this article appeared in the print edition of The Straits Times on June 29, 2019, with the headline 'Digital-only banks offer all facilities online'. Print Edition | Subscribe