For the second consecutive year, consumer trust in Singapore’s banks has risen in accordance with a high performance during the pandemic and upgrades to secure authentication and onboarding processes in the fight against fraud.
The Banking Trust score for Singapore climbed to 70 points in 2022 from 61 points in 2021. As financial crimes become more prevalent with sophisticated techniques used by hackers, banks are facing pressure to protect payments as banks deliver more virtual pay methods for consumers that integrate with common-use digital wallets.
The results show that banks are not purely interested in generating endlessly favourable revenue streams with virtual payments but at the same time ensuring that future payments are trusted, secure and resistant to fraud.
The index also reflects consumers’ satisfaction with banks implementing better data management during the peak of the pandemic.
The press release urged banks to be upfront about sharing their business values and ambitions for security and privacy.
Mr Wee Ee Cheong, ABS Chairman and CEO of UOB, said, “While it is heartening to see that the public’s trust in banks in Singapore has improved despite economic uncertainty during COVID-19, we will not rest on our laurels. Trust is vital to a strong and resilient banking industry. As responsible financial stewards, we are committed to keeping our promises to our customers, seeking to improve our products and services continually so as to honour the trust they have placed in us. Collectively, banks are committed to safeguarding the security of the financial system while ensuring that customers are able to enjoy the full benefits and convenience that digitalisation brings.”
Mr Marcus Lim, Assistant Managing Director (Banking and Insurance) of MAS, said, “With the increasing digitalisation of financial services, banks must continually invest in maintaining and building trust with their customers”.
The survey recorded the views of 3,500 Singapore residents involving 15 banks.
68% of respondents had a high level of trust in their bank.