Singaporeans abandon bank applications with long processes: report

One in three will abandon a bank application after 10 minutes.

Singaporeans have a low tolerance for inefficient digital experiences when opening bank accounts online, with 63% expecting to answer only 10 questions or fewer or they will abandon a personal bank account application, FICO reported.

FICO also revealed that 29% will drop out if asked more than five questions, whilst one in three will give up on a bank account application after 10 minutes, regardless of the number of questions asked.

Over the past year, half of Singaporeans have noticed more identity checks when logging into bank accounts (53%) or purchasing online (48%).

The increase in identity checks is due to the rising issue of identity theft in Singapore. According to the report, 6% of online bank users said their identity has been fraudulently used to open an account, and 25% suspect it has.

However, this “cumbersome and time-consuming” identity verification process has prompted one in five customers to stop or reduce their use of existing personal bank accounts and credit cards.

In addition, Singaporeans are likely to abandon personal bank accounts (25%), insurance policies (25%), and savings accounts (25%) applications due to complex or time-consuming identity checks.

One in four (24%) have abandoned credit card applications for the same reason, and 17% have given up on mortgage loan applications.

Only 17% of Singaporeans feel comfortable opening a mortgage account online, whilst 34% prefer to apply for personal loans in person at a branch.

Conversely, Singaporeans identified the ability to open an account at any time as the top advantage of applying online (64%), followed by speed (60%).