Published on : May 03, 2016
ALBANY, New York, May 03, 2016: A new report, titled, ‘Retail Banking Country Snapshot: Singapore,’ which is now available on ResearchMoz.us, studies this market in detail to uncover the most important trends and opportunities. The report, composed of 45 pages, is available under the Banking category on the company’s website.
The report states that although the financial services market in Singapore is currently at an advanced stage, many consumers typically adopt a conservative approach when choosing a financial services provider. The focus is less on trying the services of a new provider and more on selecting a financial services company that they perceive as having a longstanding reputation.
Even with the widespread use of internet-based banking across major financial markets in the world, customers of financial institutions in Singapore still prefer to visit the branch to manage their banking requirements, the report further states. The report also says that NPS scores are relatively low across the four major products studied in the report: Savings accounts, current accounts, personal loans, and mortgages. According to the report’s authors, the NPS scores in Singapore across all of these products are lower as compared to other countries in the region. Moreover, the report states that consumers in Singapore are less engaged with their financial service providers as compared to their counterparts in other regional markets.
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It is evident from the analysis published in this study that consumers in Singapore consider trust in banking relationships an exceptionally important factor. The report also notes that the degree of advocacy among Singaporeans consumers is low and recommendations will most likely not influence decisions when a consumer is choosing a banking services provider.
While Singaporeans’ proclivity to save is high, they are different from many consumers in comparable markets in that they typically may not choose the same service provider for both current and savings account.
Another attitudinal aspect of Singaporeans is that they are more likely to pick a local financial services provider over an international brand. This poses a challenge for global banks that wish to establish a wider network in Singapore.
According to the report, loans stand as the only financial product where consumers in Singapore do not lay an emphasis on the origin of the financial services provider. Citibank holding 11% of the loans segment is testament to the fact.
The report is based on extensive primary and secondary research. It details the impact that new entrants will have on the market and also presents forecasts relating to consumers’ use of mobile, internet, and branch banking. Factors that persuade consumers to choose a particular bank are also analyzed in the report on the retail banking sector in Singapore.
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