Trust in Singapore Banks: Confidence Dips, Expectations Climb

Trust in Singapore Banks: Confidence Dips, Expectations Climb

Singapore’s faith in its banks is still rock-solid – yet the public is making it clear that trust must now be matched by purpose.

The 2024 Banking Trust Index for Singapore (BTIS) found that the 14 participating banks notched an Edelman Net Trust Score (ENTS) of 68 points on a –100 to +100 scale, just two points lower than in 2022 but firmly in the upper quartile of global finance benchmarks.

While 72 per cent of respondents said they «highly trust» their bank, up from 74 per cent two years ago, only 4 per cent expressed low trust, unchanged since 2022.

When Purpose Lags

Researchers attribute the slight softening to a shift in what Singaporeans value. Ability and integrity, areas where local banks traditionally score well, have ceded ground to «Purpose», or the perception that banks create positive societal impact. When Purpose lags, overall trust follows suit.

Even so, the industry’s long-standing strengths remain decisive: respondents again highlighted financial resilience, digital innovation and a broad suite of quality products as the top three drivers of trust.

Moving Faster

Despite steady improvements, Purpose is still the lowest-rated of the four trust pillars (Ability, Integrity, Dependability, and Purpose). The new survey therefore recommends that banks move faster on issues such as community involvement, environmental sustainability, and customer accessibility.

To probe real-world impact, the 2024 study added two thematic lenses. It found that financial literacy programmes empower customers and bolster confidence, while widespread awareness of banks’ anti-scam initiatives, such as real-time fraud alerts and educational campaigns, also feeds public trust

Industry Doubles Down On Action

Guided by the findings, the Association of Banks in Singapore (ABS) flagged three priority tracks for 2025:

• First, a tighter alliance with regulators and police will expand anti-scam controls, including malware detection and «cognitive breaks» that warn customers mid-transaction.
• Second, a S$4 million Industry Community Giveback Programme will deliver household essentials to 10,000 low-income families, supplementing each bank’s own charity work.
• Third, the ABS Culture and Conduct Steering Group will cement a customer-centric, ethical culture through data-driven monitoring and a newly revised Code of Conduct.

«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,» said ABS chairman and OCBC Group CEO Helen Wong. «Serving the community and nation is core to our mandate as banks.»