Going digital for many people is a matter of whipping out the mobile, logging into a banking app and making a transaction — be it transferring funds, paying bills, buying shares or ETFs, or checking an account balance. 

The mobile banking trend accelerated globally as economies slowed down from lockdowns. In Singapore, banks were well-prepared to deliver services digitally, to the extent that Oversea-Chinese Banking Corp (OCBC) customers were able to withdraw cash using QR codes. Elsewhere, customers of United Overseas Bank (UOB) could use their contactless ATM settings on the UOB Mighty app to withdraw cash. 

Every time a customer does an online transaction, banks get some data. Unsurprisingly, banks have been mining data for decades: risk assessment requires data and the credit history of the consumer or company. Now, the ability to collect transactional data has already enabled some banks to unlock new revenue streams from more personalised services through effective marketing. Banks can also better manage their own credit and operational risks, and achieve operational efficiencies. 

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