Singapore Retail Banking Competitor Benchmarking – Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Singapore’s banks all saw a rise in their total divisional assets (TDA) in 2021. However, the net interest margin declined for all banks. Standard Chartered, DBS, and CIMB performed best over 2011-21 in terms of growing market share. They all increased their market share across all four products, with DBS dominating in all areas. Singaporean customers are most willing to turn to their current bank in order to achieve financial goals. The most important attributes for Singaporean customers when deciding how happy they are with their bank are ones that improve their financial well-being. The top two ranked attributes are loyalty rewards offered by banks and how competitive their prices are, with digital personal finance tools an important driver of NPS.
The Singapore Retail Banking Competitor Benchmarking Report, which is part of a series of Singapore content including country analysis and consumer profiles – analyzes financial performance, depth of customer relationships, and customer satisfaction. It ranks Singapore’s top banks across a range of criteria, from digital experience to product clarity and money management tools
Financial Performance Trends
DBS dominates Singapore’s current account market across every age demographic. CIMB places sixth in the overall current account market but performs poorly among Generation Z. In order to gain customers in this demographic, CIMB could offer rewards and products aimed at young customers that help them with their financial goals. All banks other than DBS, POSB, and OCBC have lower market shares among Generation Z customers compared to their overall market share.
Customer Relationships
Despite UOB’s low NPS rank and limited level of promoters, it also has the third-lowest proportion of detractors. Its position could quickly improve if it can convert some passive customers into promoters. Citibank has a strong proportion of promoters and the joint-lowest proportion of detractors. To challenge NPS leaders HSBC and CIMB, it will need to find a way to convert its comparatively high passive customer base into promoters.
Customer Satisfaction
Access to branch and telephone services as well as easy digital banking is less important. Easy digital banking is the attribute with the highest net satisfaction for detractors and promoters, highlighting that Singaporean consumer is generally satisfied with the ease of digital banking. Despite customers being motivated by improving their personal finances, their bank being supportive of ESG issues is an important factor in the market.
For more insights into financial performance, customer relationships, and customer satisfaction, download a free report sample
Competitive Landscape
Bank of China, CIMB, Citibank, DBS, HSBC, OCBC bank, and UOB are some of the leading competitors in the Singapore retail banking market. DBS and CIMB both saw rising market shares across all four products, with DBS now the leading bank in all four key banking products, i.e retail deposit, residential mortgage, credit card, and personal loans.
Singapore Retail Banking Analysis, by Leading Competitors
To know more about key competitors in the Singapore retail banking market, download a free report sample
Market Report Overview
Leading Competitors Bank Of China, CIMB, Citibank, DBS, HSBC, OCBC Bank, And UOB |
Key Highlights
- DBS continues to account for over a third of the current account market.
- Loyalty rewards and competitive pricing are the most important factors determining the Net Promoter Score. Loyalty rewards currently have the lowest net satisfaction score in the market.
- All of Singapore’s leading banks have struggled with costs, with each bank having a higher cost/income ratio in 2021 compared to 2020.
Reasons to Buy
- Identify factors affecting growth prospects across Singapore’s current account, deposit, credit card, personal loan, and mortgage markets.
- Track competitor gains and losses in market share.
- Assess the financial performance of competitors.
- Benefit from detailed analysis of the drivers of customer advocacy.
POSB
OCBC Bank
UOB
Citibank
CIMB
Bank of China
HSBC
Standard Chartered
Table of Contents
Frequently asked questions
-
Who are the leading competitors in the Singapore retail banking market?
The leading competitors in the Singapore retail banking market are Bank of China, CIMB, Citibank, DBS, HSBC, OCBC bank, and UOB.
-
Which bank leads the Singapore’s current account market?
DBS dominates Singapore’s current account market across every age demographic.
-
Which bank lead the Singapore retail banking market in all four key banking products?
DBS is the leading bank in all four key banking products in the Singapore retail banking market.
-
What are the are the most important drivers of NPS?
Loyalty rewards and competitive prices are the most important drivers of NPS
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.