Over 75% Singaporeans ‘definitely’ want better online banking services

The majority of Singaporeans now use mobile apps for bank services.

The majority of Singaporeans (81%) are now using mobile apps for banking services, and 77% of them say they “definitely” was a better experience, a survey found.

Amongst the top changes consumers sought were easy and clear navigation (59%), mobile applications (51%), and face ID and fingerprint logins (46%).

In its Bank of the Future Survey, Capco also found that 80% of Singaporean respondents trust a “Big Tech” firm at least as much as a bank to fulfil banking services, whilst 42% say they trust a “Big Tech” firm more than a bank.

“Our Singapore respondents’ willingness to view ‘Big Tech’ firms as attractive future providers of banking services indicates that the competitive landscape could develop in some intriguing directions as Singapore’s financial sector continues to evolve,” Hayley Haupt, Partner and APAC Head of Strategy & Consulting said.

“We also identified a strong appetite for innovation in banking services among Singapore’s consumers. When it comes to more individually tailored customer offerings and experiences, they are focused on greater personalization, in line with our findings in other regional markets. There is clearly a demand for a more aggregated view of financial information. To enhance customers’ digital journeys, banks should continue to explore how they can best educate consumers and provide clear insights around products and services.”

Capco surveyed nearly 5,000 consumers across five key markets in the Asia Pacific region, of which 1,000 were in Singapore.

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