Seven in 10 Singaporeans unsatisfied with generic bank credit offers: study

Almost four-fifths (76%) of Singaporean consumers are not satisfied with generic credit offers from their banks, with 24% willing to offer more information in exchange for better rates or lower fees, a FICO study revealed.

In contrast, 73% of Singaporeans had a more positive reaction to offers that took into consideration their circumstances.

There is also more pressure for banks to make funds more available quickly, FICO said. Whilst most Singaporeans (56%) expected access to loaned funds in a week, 22% wanted access in a day and 18% within the hour.

“This finding continues to fit within the evolving personalization paradigm where banks need to think about the customer journey from end-to-end,” said FICO senior director of decision management solutions in Asia Pacific Aashish Sharma.

Moreover, banks can deepen their relationships with customers and build loyalty by offering better interest rates or lower fees in return for more financial information, the report said.

“Many banks in Singapore do not have a comprehensive pricing strategy that aligns with the organization’s overall business strategy, yet customers are extremely willing for banks to make them offers that consider their total customer relationship.”