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Singapore Retail Banking Market Report- Review, Forecasts, and Future Opportunities | Maybank, DBS

ReportsnReports added Singapore Retail Banking Market Research Report created by Report Consultant, which offers detailed insights, revenue details, and other information regarding the global market, and the various trends, drivers, restraints, opportunities, and market till 2028. Singapore Retail Banking Market Report offers detailed information regarding the leading key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions and mergers, and market footprint. Singapore Retail Banking Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.

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Top Company Profile Analysis in this Report

Maybank

DBS

OCBC

Citi

Standard Chartered

POSB

UOB

Singapore’s retail banking sector has seen steady growth year on year, but the impact of COVID-19 has caused uncertainty in the market. In light of the pandemic, Singapore’s GDP is expected to fall to -6.07% in 2020 but is forecast to improve in 2021, suggesting signs of economic recovery. A significant increase in unemployment will occur in 2020, while corporate bankruptcies are likely to increase in the coming months according to the country’s financial regulator and central bank, the Monetary Authority of Singapore. Although circuit breaker lockdown restrictions have eased and businesses have reopened, it is inevitable that it will take some time for them to reach pre-pandemic normality.

This report explores trends in Singapore’s retail banking sector and offers insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.

Scope of this Report-
– Singapore’s market concentration is generally higher across all products in comparison to peer countries. Except for residential mortgages, Singapore has considerably higher market concentration across all products. DBS recorded the largest increase for most products; the exception was retail deposits, where Standard Chartered led the way over 2010-19.
– Our survey found that Singaporean consumers’ preference for online banking saw a significant decline across most activities over the review period, whereas mobile banking recorded significant increases.
– The survey results also indicate that POSB and Citibank customers are most dissatisfied with their banks’ mobile channels. POSB also has the highest online banking dissatisfaction and the lowest proportion of engaged digital users. Singapore is considerably behind peers such as India and Australia, but the proportion of engaged digital users remains robust at 71%.

Reasons to Buy this Report-
– Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
– Track competitor gains and losses in market share.
– Assess consumer perceptions of competitors’ performance.
– Measure channel preferences over the last four years.
– Pinpoint the areas of mobile user experience that are most valued by customers in Singapore, and measure changes in attitudes towards digital-only banks.
– Receive insights into target demographics for non-bank providers across different products.
– Discover the importance placed on the various attributes of financial service providers analyzed by age/income.

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