8 in 10 will continue banking online after pandemic: Survey

Many people have been using online banking services during the coronavirus pandemic and will continue to do so after, according to a survey conducted by personal finance website SingSaver.

The survey, which analysed 1,000 responses from Singaporeans and permanent residents aged 18 and above, set out to understand how Covid-19 will change financial habits and affect personal finance challenges over the next six to 12 months.

It was conducted from June 12 to 15 in the post-circuit breaker period. Respondents were chosen through organic sampling - the survey was delivered randomly to users while they were using apps.

Some 70 per cent of respondents said they have been banking online frequently since the start of the pandemic, while about 65 per cent were at least "somewhat" comfortable with using digital banking tools.

When asked if they were likely to bank online after the pandemic, 80 per cent said they would.

"The pandemic has clearly provided Singaporeans with the impetus and time to gain familiarity and comfort with more online services," said SingSaver's interim country manager Prashant Aggarwal.

"It's interesting to see how this has been the catalyst many needed for adoption, given that the majority intend to keep using these digital tools beyond the pandemic."

He said the key to keeping people on online banking platforms lies in ongoing education.

The survey also found that about six in 10 older respondents - those aged 55 and above - have been using online banking tools frequently during the pandemic.

Across different age groups, respondents had a similar level of comfort with using online tools.

About 69 per cent of the older respondents indicated that they were at least "somewhat" comfortable with using digital banking tools, compared with 69 per cent and 67 per cent in the 35 to 44 and 45 to 54 age groups, respectively.

On personal spending, 70 per cent of the respondents said they were more likely to buy groceries and other essential items online even after the pandemic.

Meanwhile, respondents felt that the pandemic has changed their spending habits.

When asked, 87 per cent agreed that the pandemic has reoriented them to spend less and save more, while 89 per cent said they wanted to be more prudent and intentional about their personal finances.

Mr Aggarwal said: "The demand for digital has never been greater and there's no better time for businesses to look inwards and accelerate their digital journeys."