Singapore Retail Banking Competitor Benchmarking: Financial Performance, Market Share and Cross-Selling
DUBLIN, February 14, 2022–(BUSINESS WIRE)–The “Singapore Retail Banking Competitor Benchmarking – Overview, Financial Performance, Market Share, Other KPIs and Customer Satisfaction” report has been added to from ResearchAndMarkets.com offer.
The report benchmarks leading banks in the Singapore retail banking market, comparing their financial performance, market share, and customer satisfaction data, among other key performance indicators.
COVID-19 has impacted the performance of Singaporean financial providers as banks have faced challenges in their financial performance across all retail divisions. 2020 net interest margins fell below pre-pandemic levels, suggesting further pressure in a low interest rate environment on net interest income.
CIMB, POSB, and OCBC have shown the most significant increase in digital adoption among customers who hold their primary bank account with these banks. UOB customers reduced their use of agencies compared to 2020, while their digital adoption remained flat on the year.
Banks should take a close look at the current channel approach. Data from our 2021 Financial Services Consumer Survey shows that there is still a need for branches, with many respondents not yet feeling comfortable enough to become fully digital banking users.
All major banks in Singapore have customer bases where the majority favor alternative providers for a primary transaction account. Additionally, safety is a concern for Singaporean consumers; customers of four major banks cited security as a reason for preferring alternative providers.
Main topics covered:
Financial performance, market share and cross-selling
Channel visit trends and digital adoption
For more information on this report, visit https://www.researchandmarkets.com/r/ih5tgr
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