Retail Banking Country Snapshot: Singapore
Summary Singapore has an advanced financial services market. Consumers are generally conservative in choosing a provider, with a bias towards those they perceive to offer financial stability and a longstanding reputation. Singaporean consumers prefer the branch for nearly all of their banking requirements. NPS scores are low across all four products compared with other markets in the region. Channel usage patterns indicate that Singaporean consumers are less engaged with their banks than consumers in other regional markets.
Key Findings - Consumers in Singapore place a high value on trust in relationships with financial services providers, which also heavily influences their choice of provider. Advocacy among consumers is low and Singaporeans are not likely to pay much attention to recommendations when deciding on a provider or product.
- Singaporeans have a high propensity to save, but unlike consumers in other markets are not inclined to choose their existing current account provider for their savings account. Mortgage product features commonly included payment holidays and the ability to offset against savings, reflecting socio-cultural attitudes of self-reliance and individual responsibility and the high level of saving among consumers.
- In general Singaporeans often prefer to use local financial services providers, which is an impediment for foreign banks. However, loans are the only product where Singaporeans are not concerned about the origin of the provider. This is evident from the fact that Citibank holds 11% of loans that are issued by traditional banks with a branch presence.
Read More At: http://www.researchbeam.com/retail-banking-country-snapshot-singapore-market