Public trust in Singapore banks remains strong at 72% in 2024

The sector earned an Edelman Net Trust Score of 68, slightly down from 70 in 2022.

Public trust in Singapore’s banking industry remains strong, with 72% of respondents expressing high confidence and only 4% reporting low trust, according to the 2024 Banking Trust Index for Singapore (BTIS) released by the Association of Banks in Singapore (ABS).

The sector earned an Edelman Net Trust Score (ENTS) of 68, slightly down from 70 in 2022, but still firmly in the upper quartile of trust ratings.

The report attributed the dip in trust not to poor performance but to shifting public expectations. Purpose—defined as the industry’s contribution to social good—has become increasingly important to respondents, overtaking more traditional drivers like ability and integrity.

Whilst banks either maintained or improved their performance across all 26 trust drivers surveyed, Purpose remained the lowest-rated category. This was despite progress in areas like community involvement, environmental sustainability, and promoting shared values.

At the same time, banks were recognised for strong performance in financial resilience, product innovation, and service quality.

Respondents also noted improvements in accountability, employee conduct, transparency in product information, and efforts to build long-term customer relationships.

This year’s index included new evaluations of public perception toward banks’ efforts in promoting financial literacy and preventing scams.

The findings highlighted widespread awareness and appreciation for financial education programmes and anti-scam tools provided by banks.

Looking ahead, ABS outlined key focus areas for strengthening public trust. First, banks will continue enhancing anti-scam measures in collaboration with MAS, the police, and government agencies.

Second, the $4m Industry Community Giveback Programme will expand in 2025, providing essentials to low-income households through a large-scale industry event, complementing each bank’s existing community outreach.

Third, the ABS Culture and Conduct Steering Group is driving efforts to embed customer-centricity and ethical behaviour across the sector.