SINGAPORE (Nov 25): With the adoption of technology, banking has evolved from physical branches with human tellers to automated teller machines to online platforms where transactions are carried out without entering a bank branch.  Today, banking is undergoing yet another evolution with digital technologies, which have enabled some banks to be wholly digital, without any physical presence. These changes in banking are the result of the availability of data and the ability to interpret the data, according to Daichi Iwata, director of the digital integration division at NEC Corp

“Some people say digital banking is an extension of the current banking through the smartphone, but I think it is going to be totally different. It will be based on a deeper understanding of people and businesses, with data to provide services on demand,” says Iwata in an interview with The Edge Singapore.

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