Mr Ong Chong Tee, deputy managing director of financial supervision at Monetary Authority of Singapore (MAS) voiced out, “In the quest to innovate, and as banks develop the sophistication to sharpen the profile of each customer, we should not overlook the need for financial inclusion – especially access to basic banking and financial services for undeserved communities,” on a German-Singaporean financial forum at the Singapore Management University.
While the financial services proceeds to be digital-based, Mr Ong says that the financial banking industry is evolving and facing its own revolution. “This digitization of services has transformed the customer experience, say, for on-boarding or transactional purposes, but frankly, are not ground-breaking in themselves. But a revolution is also happening when new digital services or business models emerge that employ, say, AI or blockchain technologies. These can fundamentally change how we borrow, save, pay, invest or insure.”