Digital banks bring many benefits—speed, low fees, app-based interfaces, and automation. They’re great for routine payments, expense management, and real-time tracking.

But they also come with trade-offs: fewer credit services, limited cash handling, and sometimes less robust customer support compared to traditional banks.

Businesses with complex needs or high-volume trade may still require traditional banking support or a hybrid setup.

FAQs:

Q: Are digital banks suitable for large enterprises?

A: They work best for startups and SMEs; large corporations often prefer full-service banks.

User Comments:

  • “We love the transparency and fee control.”
  • “But for foreign exchange, we still rely on our traditional bank.”

Editor’s Note:

Use digital banks for efficiency—but don’t ignore the value of relationship banking when needed.

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Sophia Tan

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.