Customers in Singapore more satisfied with financial services: study
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.
Study by Singapore Management University’s Institute of Service Excellence finds that customers in Singapore atr more satisfied with finance sector in the country. (Photo:smu.edu.sg)
Singapore (VNA) – Customers in Singapore are moresatisfied with finan🉐ce sector there as banksboost their online banking security. However, customers are less interested in newcomerdigital banks.
These are part ofthe findings of a national study on customer satisfaction released on April 11 bySingapore Management University’s Institute of Service Excellence (ISE). About 4,700 local consumers were surveyed between October 2022 and January regarding the finance andinsurance 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 apossible 100. This is the 4th quarter that the score has increased. According to analysts, steps that financial institutions havetaken recently to boost digital banking security have resulted in positivesentiment among customers. ISE’s study also found that physical banking services arestill important to customers, even as 75.5% of them recently used digitalchannels. On average, each customer recently interacted with threeunique bank touchpoints, including ATMs, bank branches and mobile apps. Meanwhile, the insurance sector’s customer satisfactionscore rose by 1.7% year on year to 74.8 points mostly thanks to its lifeinsurance segment where policyholders’ perceptions improved in areas such asinsurers’ responsiveness and reliability. The finance and insurance sectors helped to push overallcustomer satisfaction for the service industry to 74.6 points in 2022, up by1.1%from 2021 - the highest customer satisfaction level the study has recordedsince its inception in 2007. The Customer Satisfaction Index of Singapore measuressatisfaction across six key sectors in the service industry, including tourism,retail, land transport, food and beverage./.
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Study by Singapore Management University’s Institute of Service Excellence finds that customers in Singapore atr more satisfied with finance sector in the country. (Photo:smu.edu.sg) 
