More than 6 in 10 in Singapore have high trust in banks here: ABS study

MORE than 63 per cent of participants in a poll showed a high trust in banks in Singapore, a fresh survey commissioned by the Association of Banks in Singapore (ABS) has found.

The inaugural survey found that the banks' ability to offer a variety of products and services, their use of reliable and innovative technologies, and an ability to stay financially resilient, had a positive influence on these respondents' trust in banks.

Respondents also put faith in the banks' ability to handle customers' data with integrity, and their leadership and employees to operate professionally and ethically.

But beyond the positive sentiments that Singaporeans hold towards the local banks, the survey also identified several areas for improvement.

The report suggested that banks would gain more trust if they were more forthcoming in acknowledging mistakes, and if they take accountability for the conduct of their employees as well as adopt measures to prevent the same mistakes.

To add, respondents showed an inclination towards banks that prioritise customers' interests, and make a positive societal impact beyond offering their services.

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Conducted by Edelman Data & Intelligence, the survey gathered views of more than 3,500 Singapore residents and 15 participating banks to monitor shifts in public sentiment, solicit feedback and identify areas for improvements over time.

ABS said the survey is the first standardised means of measuring public trust towards banks in Singapore. 

Samuel Tsien, ABS chairman and group chief executive officer of OCBC Bank, said: "Banking is built on the bedrock of trust. Singapore banks operate in one of the world's best regulatory regimes, which adds to the high trust level.

"The strong reputation of Singapore banks must be sustained through continuous commitment towards raising the culture and conducting standards with deliberate efforts as well as structured and robust frameworks."

Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), echoed similar sentiments on the importance of trust for financial institutions.

"MAS is pleased that the survey indicates a high level of trust in our banks - this is a valuable commodity that the industry must preserve," he said, adding that the MAS would continue to work with banks on the mentioned areas and support efforts to raise standards of culture and conduct.