Don't talk to bankers: 4 out of 10 Singaporeans have stopped trusting their banks

They're only after profits, clients claim.

It seems like Singapore's banks are getting burdened with more causes for worry as Singaporeans themsleves are starting to lose faith in their own banks.

A new survey by consumer finance website EnjoyCompare.com finds around four in ten people think that their financial institution cares more about profits than it does its customers.

However, EnjoyCompare.com found that many unhappy customers were reluctant to leave the relative safety of their current bank, and wouldn't know which other financial institution to choose even if they did.

"It's a phenomenon we've encountered before," said Enjoy Compare's Mark Hall, "There's enormous lethargy among many, many people when it comes to changing financial affairs.

"It takes something truly momentous for somebody to up sticks and leave the bank they've been with all their lives, because deep down banks mean security, and we fear change."

According to figures obtained on behalf of EnjoyCompare.com who spoke to over 1100 people:

40% of customers were unhappy with the service they received from their bank
28% say they were badly treated by their bank, but didn't complain
63% said they'd stick with their current bank even if they were displeased with its service
68% wouldn't consider banking elsewhere
92% say they have never changed the bank that they've been with for their entire life
"This mirrors similar findings from an earlier credit card survey we commissioned," said Mark, "Bank customers are incredibly brand-loyal, even after they've been hit by unreasonable charges or have had a loan called in.

"It seems most of us will put up with anything as long as their monthly salary appears on time, and the bills are paid out with minimum fuss."

Among the comments EnjoyCompare.com heard about banks, were the much-heard complaint that "they only seem to care about cutting costs and building up profits". Others included:

"I complained, but they didn't do anything."
"Bank charges are getting ridiculous these days, but what can you do? They're all the same."
"They care so little about my account, I couldn't trust them with a dog, let alone my money. But what can you do?"
"Twenty years and they still spell my name wrong."
Enjoy Compare says that complaining about you bank or even changing to another bank isn't as difficult as most people think it is. The only barrier, Mark says, is a lack of impetus to go ahead and make the change.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia