Singapore Retail Banking 2020 - Review, Forecasts, and Future Opportunities
Singapores retail banking sector has seen steady growth year on year, but the impact of COVID-19 has caused uncertainty in the market. In light of the pandemic, Singapores GDP is expected to fall to -6.07% in 2020 but is forecast to improve in 2021, suggesting signs of economic recovery. A significant increase in unemployment will occur in 2020, while corporate bankruptcies are likely to increase in the coming months according to the countrys financial regulator and central bank, the Monetary Authority of Singapore. Although circuit breaker lockdown restrictions have eased and businesses have reopened, it is inevitable that it will take some time for them to reach pre-pandemic normality.
This report explores trends in Singapores retail banking sector and offers insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.
- Singapores market concentration is generally higher across all products in comparison to peer countries. Except for residential mortgages, Singapore has considerably higher market concentration across all products. DBS recorded the largest increase for most products; the exception was retail deposits, where Standard Chartered led the way over 2010-19.
- Our survey found that Singaporean consumers preference for online banking saw a significant decline across most activities over the review period, whereas mobile banking recorded significant increases.
- The survey results also indicate that POSB and Citibank customers are most dissatisfied with their banks mobile channels. POSB also has the highest online banking dissatisfaction and the lowest proportion of engaged digital users. Singapore is considerably behind peers such as India and Australia, but the proportion of engaged digital users remains robust at 71%.
Reasons to Buy
- Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
- Track competitor gains and losses in market share.
- Assess consumer perceptions of competitors performance.
- Measure channel preferences over the last four years.
- Pinpoint the areas of mobile user experience that are most valued by customers in Singapore, and measure changes in attitudes towards digital-only banks.
- Receive insights into target demographics for non-bank providers across different products.
- Discover the importance placed on the various attributes of financial service providers analyzed by age/income.
Singapore Cards and Payments - Opportunities and Risks to 2024GlobalDatas Singapore Cards and Payments - Opportunities and Risks to 2024 report provides detailed analysis of market trends in the SingaporeanView Report
Singapore Reinsurance - Key Trends and Opportunities to 2024GlobalDatas Singapore Reinsurance - Key Trends and Opportunities to 2024 report provides a detailed outlook by product category for the Singaporean reinsuranceView Report
Hong Kong Retail Banking 2020 - Review, Forecasts, and Future OpportunitiesGrowth in the Hong Kong retail banking market has been strong over the past decade. COVID-19 has affected growth inView Report
Fill The Form For Sample Request