RETAIL BANKING | Staff Reporter, Singapore

Foreign banks outperform local Singapore banks in resolving customer woes

Local Singapore banks need to step up their omnichannel game.

Foreign banks are outperforming their local counterparts in Singapore in addressing customer service inquiries of banking customers, according to a survey by Genesys.

Local Singapore banks should therefore ramp up their customer service amidst growing levels of unsatisfaction from Singaporeans as nearly half (40%) of them have expressed willingness to cancel banking services due to poor customer engagement.

The survey also revealed that 46% of respondents admitted to calling a bank at least twice in order to resolve a single issue whilst 43% needed to use more than one channel to address a banking issue.

“Banks in Singapore are increasingly demonstrating efforts to engage with customers more meaningfully and portray themselves to be more customer-centric. While banks are adopting various digital channels to make services available at customer’s convenience, more needs to be done to align these touchpoints with the rapidly changing customer expectations,” said Frost & Sullivan head of Customer Contact Research Krishna Baidya.

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