Digital banks unlikely to replace existing bank accounts: study

Singapore

DIGITAL banks are not expected to replace existing primary banking relationships for the majority of customers in Singapore, with most likely to view their digital bank as a secondary account if they do open one.

This comes as two in five of respondents here indicate that they would only consider opening an account if the digital bank is "popular and successful", according to PwC's digital banking customer insights study released on Monday.

The study interviewed more than 1,501 bank account owners o…