Consumers are cautious in their choice of provider, favoring those with strong reputations and nearby branches. Mobile is now a significant channel for routine transactions, although use is heavily skewed towards younger age groups. Satisfaction with digital channels is significantly higher than for branches and call centers.
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“Retail Banking Country Snapshot: Singapore 2016” reviews the retail banking sector in Singapore, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our Retail Banking Insight Survey.
The report offers insight into:
• How consumers in Singapore take out and use their financial products, and how this has changed in recent years.
• Which providers dominate the current account, savings, mortgage, and loan markets and what factors persuaded their customers to choose them.
• The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
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1. Among consumers as a whole, reputation, branch location, and price are the three most influential drivers across all products. In addition, Singaporean consumers show a preference for local brands.
2. Borrowers overwhelmingly prefer direct application for mortgages, with 79% of all current borrowers having chosen this option. Singapore’s mortgage market is expected to grow strongly over the next four years, reaching SGP231.1bn in 2020.
3. The younger family segment is the most restless of the life stages according to our Megatrend framework. Our data suggests they are seeking more flexible products and services that suit their circumstances better, which is reflected in the fact that they’re more likely to switch providers than other consumer segments.
Browse More Financial Services Related Market Research Reports:
• InsurTech Start-up Landscape – http://hexareports.com/report/insurtech-start-up-landscape/details
• Insurance Competitor Profile: Allianz 2016 – http://hexareports.com/report/insurance-competitor-profile-allianz-2016/details
Reasons To Buy
1. Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Singapore’s retail banking sector.
2. Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
3. Learn about the impact new entrants and distribution channels will have on the market.
Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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