A Report by CYS Global Remit FinTech Development Unit
The article is published by Fintech News Singapore, a source of timely, deep insights and the latest local and global news about Fintech.
In the latest EPAM 2024 Singapore Consumer Banking Report, which surveyed 9,000 retail banking consumers across nine countries, consistent satisfaction levels were observed across diverse demographics.
The report highlights a strong consumer inclination towards instant payment capabilities, indicating that most respondents deem instant payment as a critical service from their banks. Specifically, 78 percent of those surveyed emphasized instant payments as the most crucial feature their bank could offer them in the foreseeable future.
This preference demonstrates the importance of immediacy in financial transactions, aligning with the broader shift towards real-time digital services across various sectors.
In Singapore, a global financial hub renowned for its technological innovation and robust financial services sector, the emphasis on instant payments aligns with the overarching trends towards digitalization and fintech solutions.
Singaporean banks are increasingly investing in digital infrastructure to support instant payment systems, recognizing their potential to elevate customer satisfaction, streamline transaction efficiency, and promote greater financial inclusivity.
This trend validates the vision of CYS Global Remit in providing a connected network of instant payments. We are committed to remaining abreast of global developments to shape our product in line with user preferences.
Source: Fintechsg