Understand the difference between the different bank types:
| Aspect | Traditional Bank (eg DBS, OCBC, UOB) | Digital Bank (eg Singtel’s Trust) | Neobank (eg Revolut, Aspire) |
| Account Opening Process | Visiting the bank branch, filling out forms, submitting documents | Completely online with video verification Minimal in-person interaction | Fully online |
| Types of Services Offered | Full range: loans, business advisory, cash management etc | Basic business services: digital payments, transfers, and savings accounts | Limited services focused on digital payments, transfers, and basic accounting services |
| Customer Support | 24/7 phone support In-branch services | Online support (chat bot, email, or phone) Limited in-branch service | Online support (chat bot, email, or phone) No in-branch support |
| Security & Fraud Protection | High security standards, including 2FA, encryption, physical security at branches, fraud protection | Strong digital security features, including 2FA, encryption Regulatory compliance standards in Singapore | Strong digital security features, including 2FA, encryption |
| Transaction & Payment Options | Comprehensive payment options: international transfers, cheque deposits, cash handling | Primarily digital payment options International payments may be available, but limited compared to traditional banks | Digital-first payments, international transfers, and multi-currency accounts |