
Progressive UOB floors the gas pedal on digital banking
It’s innovate or be left out for banks.
In this fast-paced digitised world, it wouldn’t hurt any business to start looking ahead and aiming far. United Overseas Bank, for one, has announced a desire to take its investments in the digital space up another notch.
According to UOB Kay Hian, UOB management plans to make massive investments in digital banking to guard against competition from Fintech.
Analysts warn that this foray into digital banking would also entail beefing up cyber-security.
“IT-related expenses and depreciation are expected to increase. Management hopes to generate returns from these investments through fee income,” UOB Kay Hian said.