Only 30% of Singaporeans trust financial institutions, among the lowest in the region
, Singapore
Photo by Expect Best from Pexels

Only 30% of Singaporeans trust financial institutions, amongst the lowest in the region

In Hong Kong, Australia, and Singapore, less than half of the customers express trust in their banks.

A survey by research firm Forrester showed there is a deficiency in customer confidence towards banks, investment firms, and life insurers across the Asia Pacific (APAC) region.

Within the surveyed respondents, customers consider empathy, dependability, and competence as the fundamental qualities required from their financial services providers to establish trust. 

In terms of trust, the findings reveal that only 30% of Singaporean customers place high trust in their banks, whilst investment customers rate their investment firms with a moderate level of trust. 

However, concerning life insurers, a significant 70% of Singaporean customers express low levels of trust.

Whilst in Australia, only 23% of its bank clients have high trust in their financial institutions.

ALSO READ: Over 75% Singaporeans ‘definitely’ want better online banking services 

Australia received the lowest trust score amongst the surveyed APAC markets specifically for investment firms. The performance of these firms across various trust indicators was subpar, resulting in a lack of trust from customers.

The results also indicated that a significant majority of banking customers in urban China perceive their banks to be dependable (70%), competent (69%), and transparent (78%).

Additionally, investment managers in China enjoy high levels of trust amongst their customers.

In comparison to other markets, customers in India, along with Indonesia, exhibit high levels of trust in their banks and life insurers. 

Nevertheless, the investment sector in urban India received a moderate overall trust score (69.9) in the survey.

Forester’s APAC Financial Services Customer Trust Index 2022 encompasses three key sectors, namely consumer banking, investment management, and life insurance, across seven geographies, which are Australia, China, Hong Kong, India, Indonesia, Malaysia, and Singapore. 

The index is based on the survey responses of 17,900 consumers.

Follow the link for more news on

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Chinese insurers deem it wise to move to alternative investments
Analysts see new regulations driving a conservative shift as insurers seek stability amidst volatile markets.
Dharmais Cancer Hospital leads cancer treatment innovation in Indonesia
CEO Soeko Werdi Nindito Daroekoesoemo unveils advanced technology and seven flagship programmes for cancer treatment.
Is ‘Londonisation’ good for Asia’s M&A insurance market?
Industry experts dissect the region’s low usage rates for M&A insurance despite more industry players entering the field.
Blurring lines between online and offline retail in Asia Pacific
Foodpanda executive explains consistent service levels through efficient logistics and quality control measures.