Singapore lags in mobile banking despite high mobile penetration.
Global Banking News-August 11, 2017--Singapore lags in mobile banking despite high mobile penetration
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Global Banking News - 11 August 2017
Even though smart phone ownership among millennial mobile phone users is high at about 99 percent, mobile banking has been lagging in Singapore, Reuters said.
Figures show that only 67 percent of millennials used mobile banking regularly. The study was conducted by Australian telecom network Telstra, which said that similar figures in the US and China were 78 percent and 75 percent respectively.
Singapore ranks sixth in mobile banking usage by the younger millennials and wallet share for millennials is relatively low at 22 percent.
Rocky Scopelliti, Telstra's Global Industry executive for Financial Services, said, 'Financial institutions in Singapore must do more to maximise this opportunity, especially considering the high mobile penetration among millennials and the profitability trajectory of this demographic. They must digitally transform their business and operating models to increase the penetration of services among millennials.'
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