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FINANCIAL TECHNOLOGY | Staff Reporter, Singapore

Over 4 in 5 of Singapore’s affluent middle class rely on banking apps: report

The pressure is on banks to roll out loyalty incentives.

With the spending power of millennials set to rise, and the majority of customers preferring to bank digitally, it’s becoming necessary for banks and fintech players to roll out digital loyalty initiatives or risk losing their patrons.

According to a survey by the Collinson Group, financial services brands looking to engage affluent middle class customers in Asia risk being left behind if they do not meet the expectations of these valuable customers in terms of digital experiences,

The survey revealed that 55% of Singapore’s affluent middle class prefers to bank digitally, while 57% make digital payments whenever they can.
52% meanwhile, believe mobile banking is incredibly important, while 40% said they use digital wallets.

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