A FOCUS on continual improvement has seen overall trust in the Singapore banking industry increase year on year by 7 points to 63.

Announcing the results of its second annual Banking Trust Index for Singapore on Tuesday (Apr 26), the Association of Banks in Singapore (ABS) said the commitment of the industry to do more in furthering customers’ interest, and its ability to deliver consistent financial performance, customer-centric solutions and contributions to the community, are some key drivers of trust.

The survey found that 68 per cent of respondents had high trust in the banks, 5 per cent had low trust and the remaining 27 per cent were moderate in their views. 

The report also suggested areas for improvement - banks could be more forthcoming in demonstrating greater accountability and contributing to local communities, and strengthen security measures to safeguard customer accounts given increased digitalisation of the sector.  

Conducted by Edelman Data and Intelligence, the survey gathered the views of over 3,500 Singapore residents and 15 participating banks. 

Wee Ee Cheong, ABS chairman and chief executive officer of UOB, said: “While it is heartening to see that the public’s trust in banks in Singapore has improved despite economic uncertainty during Covid-19, we will not rest on our laurels.” 

Marcus Lim, assistant managing director (banking and insurance) of the Monetary Authority of Singapore noted that banks must continually invest in maintaining and building trust with their customers, given the increasing digitalisation of financial services.

“There may be service issues along the way, but a consistent demonstration of accountability and commitment to protecting their customers’ interests will bolster the public’s confidence in the industry.”