(SINGAPORE 18 May 2023) Only 30% of customers in Singapore have high trust in their banks, while investment customers give their investment firms a moderate trust score, according to Forrester’s Financial Services Customer Trust Index which was released yesterday.
The Index also shows that 70% of customers in Singapore have low trust in their life insurers.
“Earning customer trust is imperative for financial services providers, especially in this volatile financial environment,” said Frederic Giron, vice president, and senior research director at Forrester, a Nasdaq-listed research and advisory firm.
“Our research finds that when customer trust is strong, firms can reap several financial, competitive, and reputational benefits. Forrester’s Financial Services Customer Trust Index is designed to help brands understand the key drivers of customer trust and the specific actions they can take to build and strengthen that trust.”
In Asia Pacific (APAC), the results show that customer trust in banks, investment firms, and life insurers is lacking in most of the region. For example, less than half of customers in Australia, Hong Kong, and Singapore trust their banks, while less than a third of customers in Australia, Hong Kong, and Malaysia trust their investment managers. Additionally, less than a fifth of customers in Hong Kong and Singapore trust their life insurers.
Forrester surveyed nearly 18,000 online adults across Australia, Mainland China, Hong Kong, India, Indonesia, Malaysia, and Singapore to measure customers’ trust in their financial services providers. Built upon Forrester’s seven levers of trust, the Financial Services Customer Trust Index offers data and insights to help brands assess customer trust, identify gaps, and prioritize improvements that drive growth.
Across the APAC markets surveyed, customers deem empathy, dependability, and competence from their financial services providers the most crucial attributes to securing their trust. Brands with strong customer trust can expand and extend customer relationships, including recommending the brand to others and forgiving product- or service-related mistakes.
