SINGAPORE – Gone are the days when a bank was merely a place to park one’s savings. In today’s digital world, banks are increasingly offering a plethora of services, from cashless payments to insurance and investment schemes.

The push for digitalisation and expansion of services is certainly welcome, but while financial institutions vie to build the next super app, disruptions like the one that hit DBS Bank this week may make users more wary of relying too heavily on a single bank.

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