12/04/23

SINGAPORE: Customers more satisfied with financial services, according to study.

As published on en.vietnamplus.vn, Wednesday 12 April, 2023.

Customers in Singapore are more satisfied with finance sector there as banks boost their online banking security. However, customers are less interested in newcomer digital banks.

These are part of the findings of a national study on customer satisfaction released on April 11 by Singapore Management University’s Institute of Service Excellence (ISE).

About 4,700 local consumers were surveyed between October 2022 and January regarding the finance and insurance sectors. Accordingly, the finance sector’s score improved by 0.9% year on year in the fourth quarter of 2022, rising to 75.5 points out of a possible 100. This is the 4th quarter that the score has increased.

According to analysts, steps that financial institutions have taken recently to boost digital banking security have resulted in positive sentiment among customers.

ISE’s study also found that physical banking services are still important to customers, even as 75.5% of them recently used digital channels.

On average, each customer recently interacted with three unique bank touchpoints, including ATMs, bank branches and mobile apps.

Meanwhile, the insurance sector’s customer satisfaction score rose by 1.7% year on year to 74.8 points mostly thanks to its life insurance segment where policyholders’ perceptions improved in areas such as insurers’ responsiveness and reliability.

The finance and insurance sectors helped to push overall customer satisfaction for the service industry to 74.6 points in 2022, up by 1.1%from 2021 - the highest customer satisfaction level the study has recorded since its inception in 2007.

The Customer Satisfaction Index of Singapore measures satisfaction across six key sectors in the service industry, including tourism, retail, land transport, food and beverage.