Trends Report

Reduce Customer Churn And Drive Banking Customer Loyalty In Singapore

September 30th, 2020

Summary

Digital banking strategy pros in Singapore must address the concerns of their customers who are looking to change banks. Data from the Forrester Analytics® Consumer Technographics Asia Pacific Financial Services 1 Survey, 2020, reveals the reasons for churn. Singaporean online adults are shopping around for new financial service providers. In the past 12 months, 57% have opened a new account with a new financial services provider: 35% opened a new savings or deposit account with a new financial institution; 26% opened a new credit card; and 21% opened a new transaction or current account. Incumbent banks’ inability to meet customers’ expectations has led to churn; 49% Singaporean online adults closed their old accounts when they opened a new account. Singaporean online adults are changing banks because they have found a financial provider that can better help them improve their financial well-being, they want to consolidate their accounts, or their friends/family made a recommendation. For further information, read The Financial Well-Being Opportunity and book an inquiry for help.

Want to read the full report?

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.