Healthy competition behind banks' improved performances

HAVING a range of choices when it comes to where, when and how to bank hasn't always led to happier banking experiences for the Singapore customer. But that choice - which necessarily implies competition for the banks - last year led the banking sector to attain a record level of customer satisfaction.

The banking sector's Customer Satisfaction Index of Singapore (CSISG) score rose 4.1 per cent to 72.2 points in 2014 - its highest in the index's eight years. This also beat the national score of 71.1.

Caroline Lim, director, the Institute of Service Excellence (ISES) at the Singapore Management University, said: "The banks in our local financial sector are constantly trying to outdo one another in performance."