DUBLIN--(BUSINESS WIRE)--The "Singapore Retail Banking Competitor Benchmarking - Overview, Financial Performance, Market Share, Other KPIs and Customer Satisfaction" report has been added to ResearchAndMarkets.com's offering.
The report benchmarks the leading incumbent banks in the Singaporean retail banking market, comparing their financial performance, market shares, and customer satisfaction data, among other key performance indicators.
COVID-19 has impacted the performance of Singaporean financial providers, as banks have faced difficulties in their financial performances across retail divisions. 2020 net interest margins fell below pre-pandemic levels, suggesting added 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 branch usage in comparison to 2020, while their digital adoption remained stagnant over the year.
- Banks should closely examine the channel approach currently being undertaken. 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. In addition, security is a concern for Singaporean consumers; customers at four major banks have cited security as a reason for preferring alternative providers.
Key Topics Covered:
- Executive Summary
- Financial Performance, Market Share, and Cross Selling
- Channel Visitation Trends and Digital Adoption
- Customer Satisfaction
- OCBC Bank
- Standard Chartered
For more information about this report visit https://www.researchandmarkets.com/r/ih5tgr
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