Singapore’s banking sector has seen a significant shift due to increased internet and mobile penetration. Rising inflation and living costs have pushed banks to provide excellent customer experiences while ensuring customer loyalty. Regulators, including the Monetary Authority of Singapore, have allowed digital-only banks to operate, changing the industry landscape. Despite digital alternatives, 99% of Singaporean customers plan to keep their primary bank accounts while exploring digital banking options.
To address evolving customer preferences, Singaporean banks are turning to Artificial Intelligence (AI) and Machine Learning (ML). These technologies enable precise customer segmentation, tailoring services to individual behaviors and preferences. AI-powered chatbots, with natural language processing, offer 24/7 self-service support, effectively addressing inquiries and issues. The evolution of Singaporean banking, from phone banking and ATMs in the past to today’s mobile app preference, highlights the industry’s adaptability in meeting customer demands across diverse platforms.
Vital role of banking apps and app experience
Innovative features and customer-centric designs from neobanks and digital-first institutions continue to set high standards in app experience. Today, most banking apps are intuitive and feature-rich, enabling greater customer engagement, product adoption, and loyalty.
Because of this, traditional banks must bridge the app experience gap to remain relevant. The app experience race today is more than keeping up with the competition; it’s about survival.
Growth opportunities for App-based banking in Singapore
The “Twimbit CX Banking App Benchmarks 2023 – Singapore” report aims to provide a thorough overview of the challenges and opportunities that permeate the Singapore retail banking landscape.
Framework and methodology
This report will benchmark and assess key parameters of the banks’ digital app experiences, including mobile app experience, customer onboarding experience and customer service experience.
By dissecting the digital app experiences of these prominent banks, we aim to provide valuable insights into their current mobile app CX strategies, shed light on areas for improvement, and offer actionable recommendations for enhancing app experiences in line with the evolving customer expectations.
- #1 Mobile app experience
The mobile app experience comprises an assessment of three sub-parameters to gauge the app’s user-friendliness and effectiveness.
Trust Bank led the chart due to its exceptional mobile app features and capabilities.
Top 3 best practices by Trust Bank:
- Clear Call-to-Action (CTA) for account opening and product applications: Well-designed prompts offer clear and intuitive CTAs for various actions, such as opening a new account or applying for banking products.
- App-enabled passcode setup during account opening: Establish a passcode to add extra security, streamline onboarding, and eliminate the need to set up the passcode later.
- No separate app registration process: Customers can seamlessly transition into the app’s functionalities during the account opening process.
- #2 Customer onboarding experience
The customer onboarding experience comprises an assessment of five sub-parameters to gauge how user-friendly, informative, and efficient a bank’s process is for onboarding new customers.
Trust Bank led the chart due to its outstanding features and capabilities within its onboarding process.
Top 5 best practices by Trust Bank:
- Clear steps for the account opening journey with document requirements: Transparency and concise information ensure customers are well-prepared at each step of the process.
- Comprehensive information about banking products with benefits: Comprehensive information about available account types enables customers to make informed decisions about the best account type.
- Convenient features and services during account opening: Features such as backtracking or applying for Myinfo in onboarding can significantly improve the customer experience. The process can also be further enhanced by automatically fetching personal details using Singpass.
- Instant account opening: Reduce waiting times significantly and provide a seamless and swift onboarding experience.
- Information about virtual debit cards: The onboarding process now informs customers about the availability of a virtual debit card during the account opening journey, ensuring complete awareness of the convenient digital payment option right from the start.
- #3 Customer service experience
The customer service experience comprises an assessment of four sub-parameters to gauge a bank’s effectiveness towards customer inquiries, concerns, and issues.
UOB led the chart due to its exceptional features and capabilities within its customer service offerings.
Top 3 best practices by UOB:
- Various modes of customer support under one section: Easy access to assistance through multiple channels such as phone support, email support, live chat, and possibly in-person assistance at branches.
- Comprehensive FAQ section: Answer most commonly asked customer queries, reduce the need for direct assistance and empower customers with self-help options.
- Queue number for live chat with customer service officer: This system enables UOB to efficiently manage customer inquiries, reduce wait times, and ensure customers remain connected with the right personnel. It also enhances the overall responsiveness and effectiveness of the bank’s live chat support.
To gain detailed insights on each customer journey for the top 4 banks
As more traditional banks in Singapore embed innovative practices and redefine app experiences, the weight of today’s paradigm shift in banking has never been more apparent, with many looking forward to meeting the evolving demand of their tech-savvy customers.
Through our report, we invite you to take a closer look at the changing face of Singapore’s retail banking industry. Discover how banks are gearing up to deliver exceptional digital app experiences that will shape the future of banking in the Lion City.