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.
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.
Verdict Financial’s Retail Banking Market Insights: Country Snapshot Singapore is a review of the retail banking sector in Singapore, with a particular focus on the current account, savings, mortgage, and personal loan markets. It includes both market-level data and insight from our global consumer survey.
Overview of Singapore’s banking sector
Insight into consumer preferences in Singapore and the reasons for taking out financial products and how this has evolved in recent years.
Understanding around the main providers dominating the current account, savings, mortgage, and loan markets and the different factors persuading customers to choose them
Examination of the extent to which consumers are using online and mobile channels to research, take out, and use their financial products.Reasons To Buy
Futureproof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Singapore’s retail banking sector.
Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
Learn about the impact new entrants and distribution channels will have on the market.