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Jul 9, 2010
Why bank clients must have a Plan B
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WITH Monday's news of the DBS/POSB network breakdown - we have learnt an important lesson that anything is possible. We cannot always rely on a single plan (Bank A), but must always have a back-up plan (Bank B) to fall back on.
Recently, Minister Mentor Lee Kuan Yew made a comment that having three local banks is too many and they may have to consolidate into two or fewer banks for better muscle to compete in the world market.
The unthinkable may happen if there is only one local bank for Singaporeans. While considering competitiveness outside Singapore, we must also consider competitiveness within Singapore and giving Singaporeans more choices - like having the current three local banks to choose from.
Just like the water issue, as we are working towards being self-sufficient, we must not forget to have an 'additional' water deal with our neighbouring country, as a back-up plan in case something unexpected should happen. This way, we have additional water to rely on in case of an emergency, and with a deal still in place, it is a win-win situation for both countries.
Lin Ping Hoe
Why bank clients must have a Plan B
<!-- by line --><!-- end by line -->
<!-- end left side bar --><!-- story content : start -->
WITH Monday's news of the DBS/POSB network breakdown - we have learnt an important lesson that anything is possible. We cannot always rely on a single plan (Bank A), but must always have a back-up plan (Bank B) to fall back on.
Recently, Minister Mentor Lee Kuan Yew made a comment that having three local banks is too many and they may have to consolidate into two or fewer banks for better muscle to compete in the world market.
The unthinkable may happen if there is only one local bank for Singaporeans. While considering competitiveness outside Singapore, we must also consider competitiveness within Singapore and giving Singaporeans more choices - like having the current three local banks to choose from.
Just like the water issue, as we are working towards being self-sufficient, we must not forget to have an 'additional' water deal with our neighbouring country, as a back-up plan in case something unexpected should happen. This way, we have additional water to rely on in case of an emergency, and with a deal still in place, it is a win-win situation for both countries.
Lin Ping Hoe
