Banks in Singapore have spent the last few years investing heavily in its digital agenda, whether redefining workplace culture, re-architecting its technology infrastructure, or leveraging emerging technologies such as big data, artificial intelligence and biometrics, in order to make banking both simple and seamless for its customers.
Like many financial services industry (FSI) players today, Singaporean banks recognise the need to embrace a digital-first mentality in order to deliver innovative customer experiences with both speed and agility. This is fuelled by the fact that retaining and growing customer loyalty has become a key challenge that FSI organisations face today, as customers become more informed and increasingly mobile, and at the same time expect consistent service across channels.
With keeping all this in mind, competition in Singapore’s retail banking industry is becoming more competitive, with just a few players dominating the market, as customers continue to depend the newest technologies and best customer service possible.
The report was created by a survey of 500 retail bankers in Singapore, which come from various levels of management from heads of retail banking to managers who are close to the market.
This report looks at the current competition in Singapore’s retail market by benchmarking the best practices in the industry by looking at credit cards, debt cards, mortgages, deposits, customer service along with the development of technology. The report also forecast what Singapore’s retail banking industry will look like in the next few years, and how banks are planning on changing their strategy to compete in the market.
]Table of contents
The Dragon Banker’s Methodology
Table of Contents
The Rise of Open Banking in Singapore
Bank of the Future in Singapore
The Next Phase of Technology Revolution in Singapore
Digital Experience in Singapore
Channel Innovation in Singapore
The Future of Customer Relationship in Singapore
The Future of Singapore’s Retail Banking Competition
Banks mentioned in the report
Reasons to invest in this intelligence
The Dragon Banker’s retail banking Database is an unparalleled resource and the leading database of its kind. Compiled and curated by a team of expert research specialists, and we acquire this information through lengthy interviews with heads of retail bankers, heads of credit cards, and senior executives in mortgages, debit cards and strategy within banks in Singapore. We also acquire data and information from leading scholars within the country, and a survey that targets decision makers who are relevant in the retail banking market in Singapore. With the retail banking database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the retail banking universe in each of the countries and regions we cover.