Since 2018, Forrester has been tracking how customers rate their experience with some of the biggest brands in banking and insurance. This year’s Singapore Customer Experience Index (CX Index™) study reveals several important findings, which can be summarized as follows:
- Customer experience quality in financial services in Singapore has improved. The overall quality of CX in Singapore rose from the poor category to the OK category for the first time since the commencement of the CX Index in 2018, from 57 to 60 on a 100-point scale. Average scores in both the banking and auto/home insurance industries rose by at least 3 points.
- Banks performed better than insurers in all dimensions of CX quality. On average, 54% of banking customers felt that it was easy to interact with their bank, compared with 45% for insurance customers. In addition, 51% of bank customers said that they were able to accomplish their goals when interacting with their bank, and 47% found their banking experiences emotionally positive. In contrast, 40% of insurance customers accomplished their goals, and 41% had emotionally positive experiences.
- DBS Bank captured the top spot in CX rankings. Singapore’s largest bank earned the top spot in this year’s CX Index. DBS Bank was perceived as the most effective bank, although it lagged Standard Chartered in emotional resonance and shared first place with OCBC Bank as the easiest to interact with. DBS Bank also posted the biggest year-on-year gain in the CX Index, which underscores the bank’s continued commitment to customer experience.
To learn more about the Singapore CX Index™, 2020, read the full version of our report.