Over the past few months we’ve been talking to consumers in Singapore to find out what drives their decision-making when shopping for financial services online.
Our findings pose some interesting challenges for retail banks within Singapore, and have implications for the wider banking landscape in Asia. We are in the final stages of writing up the report but will be discussing the initial findings with attendees at Next Bank Asia being held later this month.
About the benchmark
Financial services in Singapore is a highly commoditised and competitive local market offering a wide range of specialised loans (car, educational, personal) and a plethora of credit cards to suit every taste and need.
The benchmark examines how consumers in Singapore shop for banking products and services online, with particular focus on credit cards and personal loans. It explores the criteria consumers use in decision-making and how bank websites help or hinder the shopping process.
The study was in three parts:
- An expert review of 9 banks to gain a deeper understanding of what was being offered and to drive out a number of initial hypotheses.
- One-to-one interviews with local consumers who were in the market for consumer credit but undecided on either the product or the provider.
- Follow-up remote telephone interviews to discover how time had affected their decision.
The final report will provide insight into the financial decision-making of consumers while also offering a considered opinion on which suppliers are winning and losing in the race to attract consumer interest and convert that visit into purchase.
The report will cover:
- How do Singapore consumers choose which credit product is best for them?
- Who do they turn to for advice?
- How long do consumers take to decide and how many online sessions do they use?
- Which device do they use to shop?
- Is it brand, third party offer or existing financial relationship which dictates who appears where in the consumer consideration list?
- Which provider is best meeting today’s consumer needs?