SINGAPORE (Jan 31): In a recent interview, Dennis Khoo, regional head of TMRW digital group at United Overseas Bank (UOB), compared banks — including digital banks — to a car. What you see are the steering wheel, car seats, wheels, rims. But the engine is hidden.

“Lift the bonnet, and when you look at the car engine, you will see all the parts are connected. Banking is a bit like that. When you open the hood, you understand the complexity, how vital it is and why governments regulate it,” says Khoo. In Khoo’s view, digital banking and digital bank are different although three letters separate them.

Interestingly, consultants including PwC and Deloitte use the terms interchangeably. Digital banking is part of traditional banking, and another channel in an omnichannel strategy, says Khoo. Customers can perform their banking services anywhere – including from a laptop, mobile phone, ATM or banking branch. Digital banking is not a strategy on its own.

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