Everything You Need to Know About the Evolution of Business Banking in Singapore
The impressive trajectory of Singapore’s growth ever since its independence in 1965 represents. Perhaps, the greatest success story of all nation states. It may even come off as a surprise to those who haven’t lived long enough that Singapore was actually in the midst of a severe housing and unemployment crisis back in the sixties. And, without any great geopolitical links and any natural resources, nothing can quite explain just how Singapore moved on to be such a successful nation-state with the second highest per capita GDP in the whole of Asia.
The story of this modernisation began back in the late sixties as Singapore focussed its energies on strengthening its manufacturing industry, modernising its education system, and building large quantities of public housing. But, what often goes neglected when mentioning this monumental transformation is the crucial role that business banking in Singapore played.
60’s – Back in the Day
The banking sector deserves its fair share of credit in helping Singapore bring about this change. After all, it’s important for the population to believe in the market and borrow some money to progress in life. The merchants who were focusing on trade also need capital as backing. Without this capital, they would be stifled in their operations. We’d go as far as to say that Singapore’s current position as a trading hub has a lot to do with the confidence the banking sector display in their traders when the economy was, quite frankly, not doing as good. A similar logic applies to other sectors of the economy as well. Lending to budding businesses is an integral part of business banking. Let us learn more about how business banking in Singapore progressed from the sixties to reach where we are today.
70’s – Hello Computer
The full-scale adoption of computers in the seventies was the best possible move for business banking in Singapore as it represented a step in the right direction. These are not your highly advanced computers of today that can fit in your palm. For instance, it’s easy for you to make a payment to someone with just a few clicks. Present day users have the capacity to make instantaneous payments to those who live thousands of kilometres away. This is, however, not how things used to be back in the seventies.
As opposed to barking orders at your mobile application, you had to pick up your telephone and dial up your bank to make the necessary inquiries. Today’s small and medium-sized business owners don’t realise how far we’ve come. That’s partly result of not having to go to the bank for the 13th time in the week for their business banking needs. To appreciate the extent of technological advancement a particular generation experiences. All we need to do is a factor in some relevant historical context. But, make no mistake; the computerisation of business banking in the seventies may well be the foundation upon which our existent digital banking system rests today.
80’s – Money Machines
“Why don’t you go to the nearest money machine and get us some money?” he said.
It was an unusual sentence to utter as people were only just starting to familiar with the concept of ATM. The popularisation of ATMs in the eighties was a game-changer for business banking in Singapore just as it was around the world. In earlier times, business owners were highly reliant on cash to make their transactions. This has changed eventually considering how net banking and payments made through mobile applications and online platforms are now normal. It’s interesting to note how the convenience of yesterday (in the form of the ATM) can be bothersome for those who are used to the idea of today’s convenience. And, that’s understandable as we see no good reason why someone would take the pains of making cash transactions when all they have to do instead is scan a simple QR code instead.
00’s – Goodbye Paperwork
It must be admitted that the real advancement that has happened in the world of business banking in Singapore. In addition, elsewhere is actually in the high levels of convenience the customers experience today. Most of us have lived long enough to know that even a single bank transaction used to be a tiresome, dead-end process. All that has changed now as leading banks are trying to provide customer with an unreal quality of service. Take, for instance, how easy it has become to open a bank account in Singapore. Instead of heading to the bank and spending hours there, filling obscure forms and offering multiple signatures, people can open their account virtually, with a telephonic conversation or video call acting as verification. A modern-day tablet is arguably the definition of ‘convenience’. It takes roughly an hour to create an account, sign once, and we’re done.
20’s – Venturing into the Unknown
We can’t be sure about where these advancements are taking us. In case, there’s one pattern that we’ve observed, it is that technological innovation has transformed business banking in Singapore into a tremendously convenient experience for all parties concerned. Furthermore, we expect business banking in Singapore evolve in the future as the needs of the industry dictate terms. What you can expect in the years to come is a steady expansion in the range of products and services that leading banks extend to the public. We can also expect Singapore to remain one of the leading global financial centers across Asia and the greater world. Thanks, in part, to the relentless growth of business banking in Singapore.
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