3 in 5 Singaporeans believe fintechs are as trustworthy as banks: survey

Around 13% even believe that fintechs deserve more trust than old-guard lenders.

Six in 10 (66%) Singaporeans believe that digital upstarts are just as trustworthy as traditional financial services companies, according to a survey from MHP Communications, in a development highlighting the opportunity for fintechs to gain further momentum in the Lion City. 

Also read: Are Singapore fintech startups hoarding capital? 

As many as 13% believe that fintechs are more trustworthy than traditional companies as respondents identified how heightened competition in the financial services space has become one of the leading reasons that the sector has become more trustworthy in the past decade.

On the other hand, a little over a fifth (22%) still choose to put their trust in their tried-and-tested providers as they admit that fintechs are less trustworthy than banks.

This is supported by survey findings that shine light on how fintechs still have a long way to go in spite of the openness to the technology as three in five consumers in Singapore still believe that online P2P lending and investment are highly risky.

“Whilst Singaporeans love their banks (89%), an equal number believe local payments systems companies have a good reputation. Trust falls away for industries general consumers have less understanding of, including insurance (74%), fintech (65%) and asset management (63%),” the report noted.

In fact, the top five most trusted financial services brands are occupied by the city state’s lenders with DBS nabbing the top spot followed by OCBC, UOB, POSB, and Citibank.