Same old, same old: Cash-rich middle class Singaporeans dissatisfied with banking experience

Surprisingly, they are least likely to switch banks.

It’s time for banks in Singapore to start diversifying and differentiating their services and reach out with their consumers, as less than half of consumers in Singapore feel that they are receiving a high level of personal service.

According to a survey by Collinson Group, 2 out of 3 of Singapore’s affluent middle class expect greater recognition and reward for their loyalty from banks.

Meanwhile, the survey revealed that while Singaporeans are the least satisfied with the service they receive among the countries surveyed, they are also the least likely to switch providers, as they feel there is little that differentiates banks.

“This presents an opportunity for those retail banks which invest in recognising and rewarding customer loyalty,” the survey said.

“Consumers in Singapore have an average of 2.2 bank accounts and these accounts have little offers that distinguish them,” said Chris Rogers, director of market development at Collinson Group.

As the competition in the banking sector heightens, players are encouraged to provide more value to their customers by urging them to become members of loyalty programs.

“Affluent middle class consumers in Singapore who feel loyal to a brand are prepared to recommend a banking brand to their friends and family (63%) and the same proportion would be willing to purchase more products from them,” Rogers said.

Meanwhile, personalised and consistent communication are expected by Singapore’s middle class, who are known for being digitally savvy.

“Customised digital experiences can also really distinguish banking brands and encourage customers to switch providers,” Rogers said.