ABS: Public trust in Singapore banks remains despite Covid-19 uncertainties

The second annual Banking Trust Index for Singapore (BTIS), a survey commissioned by the Association of Banks in Singapore (ABS), showed that public trust in the Singapore banking industry continues to be resilient.

The BTIS, which began last year, is the first standardised means of measuring the public trust in banks in Singapore. It is commissioned by the ABS to understand the level of trust in banks by consumers, and for the association to see where banks can improve on.

The most recent survey was conducted among over 3,500 Singapore residents from Oct 4 to Nov 5 last year, by Edelman Data and Intelligence and involved 15 participating banks. It is conducted annually for participating banks to monitor shifts in customers’ sentiments, solicit feedback and identify areas for improvement over time.

This year, participating banks achieved an over Edelman Net Trust Score (ENTS) of 63 last year, seven points higher than the 56 points recorded in 2020. The ENTS is a 200-point scale that ranges from a score of –100 to 100, representing the sentiments of respondents who have a low trust of banks compared to respondents who trust banks highly.

The higher ENTS score this year is attributable to the banking industry’s commitment to do more for customers.

In the survey, 68% of the 3,500 respondents indicated that they had a high trust in banks, whereas 5% indicated that they had low trust in banks. The ENTS is derived from the difference in these two percentages. The remaining 27% of respondents were neutral in their trust in banks.

ABS also says the higher score was mainly attributable to the banking industry’s commitment to do more in furthering their customers’ interests, as well as its ability to deliver consistent fi-nancial performance, customer-centric solutions and contributions to the community.

Respondents also felt that banks could be more forthcoming in demonstrating greater accountability and contributing to local communities. Respondents also expect banks to continue to strengthen security measures to safeguard customer accounts given the increased digitalisation of the sector. — Felicia Tan