Singapore Retail Banking Competitor Benchmarking – Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps

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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

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.

Bank of China
Standard Chartered

Table of Contents

Table of Contents

Executive Summary

Financial Performance

Financial ratios

Market shares

Customer Relationships


Customer tenure

Depth of relationship


Customer Satisfaction

NPS satisfaction drivers

Overall satisfaction

Digital satisfaction

Actionable Steps



Further reading

Frequently asked questions

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