Singapore banks lose up to 40 per cent of new product sales to competitors: survey

[SINGAPORE] The latest survey by management consulting firm Bain & Company found that Singapore retail banks lose up to 40 per cent of new product sales to competitors that are better at digital marketing, sales and service.

In its seventh annual report on consumer banking behaviours, the consultancy said such "hidden defection" of consumers - purchasing a new banking product from a competing bank or financial technology firm - could get worse.

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