Singapore Retail Banking Trends Discussed in New Cutting-edge Verdict Retail Report Now Available at MarketPublishers.com29 Apr 2016 • by Natalie Aster
LONDON – Singapore has a developed financial services sector. Consumers are generally cautious in choosing a provider, favouring those who are perceived to offer financial health and a long-lasting reputation. Singaporean consumers opt for the branch for practically all of their banking requirements. Net promoter scores (NPSs) are low across all 4 products as against other markets across the region. The patterns in channel usage demonstrate that local consumers stay less engaged with their banks than customers in other regional markets.
Singapore’s consumers put a high value on mutual trust in relationships with providers of financial services, which also has a great bearing on their choice of provider. Singaporeans are unlikely to give full attention to recommendations when arriving to a decision regarding a product or provider.
Singaporeans have a high tendency to save, but in contrast with consumers in other markets are not predisposed to choose their existing current-account provider for their savings bank account. Mortgage product features typically involved payment holidays and the ability to offset against savings, mirroring sociocultural attitudes of individual responsibility and self-reliance and also the high rate of savings amongst customers.
By and large, Singaporeans frequently choose to employ the services of domestic financial service providers, which is a stumbling block for overseas banks. Nevertheless, Singaporeans are not concerned about the origin of the provider of loans. This is shown by the fact that Citibank accounts for 11% of loans that are launched by traditional banks with a branch network presence.
New research report “Retail Banking Country Snapshot: Singapore” elaborated by Verdict covers the country’s retail banking sector, focusing notably on the current account, savings, mortgage, and personal loan markets. The study gives an unbiased overview of the national banking sector. It further provides true insights into consumers’ preferences in the country and the reasons for selecting financial products, and also how this has developed in the recent past. It gives information on the key providers taking the lead in the current account, mortgage, savings, and loan markets, as well as on the different factors causing consumers to choose them. The report investigates to which extent consumers are utilising online and mobile channels to research, pick out, and make use of their financial products.
More insightful reports by the publisher are available at Verdict Retail page.