6 in 10 Singaporeans have high trust in banks

Only 5% have low trust in the banking industry.

Around six in 10 Singaporeans disclosed that they have high trust in banks, signaling that trust for banks in the Lion City continued to be resilient, the Association of Banks in Singapore (ABS) said.

Quoting the results of the second annual Banking Trust Index for Singapore (BTIS), which was conducted by Edelman Data and Intelligence, ABS said the survey also found that 5% of respondents have low trust whilst 27% were moderate in their views.

Meanwhile, the trust capital of the Singapore banking industry also grew from 56 in 2020 to 63 in 2021. 

ABS said the banks' capacity to be flexible on the needs of their customers influenced trust level. Further, respondents also trusted banks to handle data with integrity.

Aside from these positive results, respondents aired suggestions for banks’ improvement such as demonstrating greater accountability, contributing to local communities, and boosting safety measures to protect customer accounts amidst the increased digitalisation.

The BTIS, conducted from 4 October 2021 to 5 November 2021, polled more than 3,500 Singaporeans and 15 participating banks.

It is an annual survey to allow banks to evaluate customers’ sentiments and feedback.