1 in 2 Singaporeans frustrated with banks' services

17% will actually not recommend their primary banks to others.

According Ernst & Young’s Global Consumer Banking Survey 2012, 17% of Singaporean respondents had indicated that they will advise vigorously against or will not recommend their primary banks, with their main grouse being poor complaints management. Only 54% of Singapore customers are satisfied with the complaints management service they received from their banks.

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Mobile banking services and call center experience received the next lowest scores for customer satisfaction (68% and 70% respectively). “This seemingly minority voice is a loud reminder on the potential gaps that exist across various customer interaction touch-points. Banks need to consider how they can deliver a consistent and seamless customer experience across all channels. The mobile channel will continue to play a major part in the customer experience and needs to be integrated with other existing channels,” Nam Soon comments.

In addition, the survey showed that Singapore customers view changes to fees and charging structure (20%), online banking and mobile banking (17%) and access to branches (12%) as the top three areas of improvements that can further enhance customer satisfaction. “With the assurance that consumers are generally satisfied with their banks and services, banks can focus their investments on the areas that truly matters to the consumer. The astute Singapore customer is expected to demand more in terms of competitiveness and transparency of fees, service quality and accessibility – all of these likely to influence their willingness to buy additional products or make a referral,” Nam Soon comments.

The survey highlights that Singapore’s customers are demanding more value from their banking relationships. The survey, conducted in February and March 2012 using an internet questionnaire, covered 28,560 banking customers across 35 countries, including 500 from Singapore.