Singapore witnesses largest rise in digital investments, says a survey

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According to recent worldwide research, the amount of money invested in digital banking has increased due to Covid-19 and bank attempts to improve their online capabilities.
According to a report conducted by software firm Finastra, 90 per cent of 785 financial industry professionals polled throughout the world stated the epidemic had hastened to incorporate new technologies and innovation.
This resulted in Singapore having the greatest average increase in digital banking investment of any market (25%) and the highest percentage of respondents (84%) saying their bank has increased total investment/budgets internationally.
Adapting to new difficulties posed by Covid-19 was the third-largest motivator of technology deployment (47%) after cost-cutting and efficiency (54%) and business expansion (47%), respectively (48 per cent). In Singapore, over half of those polled installed or enhanced their banking-as-a-service capabilities in the previous year, with 45 per cent planning to do so in the next 12 months, the highest percentage of any market studied.
In March, a survey was conducted by the experts from banks, and financial institutions in Singapore, Hong Kong, the United States, the United Kingdom, France, Germany, and the United Arab Emirates participated.

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