The Association of Banks in Singapore (ABS) has released the results of the fourth Banking Trust Index for Singapore (BTIS) survey, conducted by Edelman Data & Intelligence from 27 September to 5 November 2024. The survey revealed that whilst trust in the Singapore banking industry remains high, there has been a slight decline in the Edelman Net Trust Score (ENTS) from 70 in 2022 to 68 in 2024. This dip is attributed to increasing public expectations for banks to make a positive societal impact.
The survey, which included responses from 3,501 Singapore residents across 14 participating banks, highlighted a shift in public priorities. Whilst banks have maintained or improved their performance in 26 trust drivers, the emphasis on Purpose—banks’ societal contributions—has become more significant. Despite improvements in community involvement and environmental sustainability, Purpose remains the lowest-performing driver compared to Ability, Integrity, and Dependability.
Key drivers of trust continue to be banks’ financial strength, technological innovation, and product quality. The industry has also made strides in accountability, customer relations, and transparency. However, the report suggests that banks could further enhance trust by focusing on customer centricity and ethical conduct.
For the first time, the BTIS report included studies on financial literacy and scam management, recognising banks’ efforts in these areas as crucial for fostering trust. The ABS plans to use these findings to bolster customer protection against scams and enhance community support through initiatives like the $4m Industry Community Giveback Programme.
ABS Chairman and Group CEO of OCBC Bank, Helen Wong, expressed optimism, stating, “We are heartened by the robust trust that the public places in banks in Singapore, and with it, the rising expectations for us to do more for the common good.”
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