Citibank, HSBC, RHI lead Singapore brand experience

Across the three sectors evaluated, Citibank, HSBC, and Raffles Health Insurance (RHI) emerged as category leaders.

Many financial services firms in Singapore are falling short of delivering on their brand promises, according to Forrester.

In its study, the firm found a significant disconnect between how firms position themselves and the actual experiences customers report, particularly in banking and health insurance.

The Total Experience Score combines Forrester’s Brand Experience Index (BX Index) and Customer Experience Index (CX Index) to assess how well firms meet expectations across the entire customer lifecycle, including both prospects and existing customers.

Across the three sectors evaluated—banking, investment, and health insurance—Citibank, HSBC, and Raffles Health Insurance (RHI) emerged as category leaders. Citibank ranked highest among banks, HSBC led among investment firms, and RHI topped the health insurance sector.

Among the six banks assessed (Citibank, DBS, HSBC, OCBC, Standard Chartered, and UOB), the sector showed the weakest alignment between brand perception and customer experience.

Forrester highlighted that prospective customers often hold low opinions of bank brands, while existing customer satisfaction remains flat. Citibank and DBS were noted for outperforming peers with stronger, more consistent scores.

Suggested areas for improvement included more welcoming branches, competitive product offerings, easier account setup, and clearer communication.

In investment services, HSBC stood out for strong performance among affluent customers, with international brands generally outperforming local peers. Key improvement areas included product diversification, fee transparency, and high-quality service delivery.

Health insurers saw a widening perception gap, with existing customers more critical than noncustomers. Raffles Health Insurance led the pack, benefiting from a well-integrated healthcare ecosystem and high trust levels.

The report recommended improvements such as offering affordable plans, simplifying coverage terms, enhancing digital capabilities, and reinforcing data security.