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Trust in Singapore banks rises despite pandemic

A survey conducted by the Association of Banks in Singapore (ABS) showed that the overall trust in the city-state’s banking industry rose year on year by 7 percentage points to 63 despite the uncertainties brought about by the COVID-19 pandemic. The survey found that 68% of respondents had high trust in the banks, 5% had low trust, and the remaining 27% were moderate in their views. Conducted by Edelman Data and Intelligence, the survey gathered the views of over 3,500 Singapore residents and 15 participating banks. ABS cited the commitment of the industry to do more to protect customers’ interest and its ability to deliver consistent financial performance were among the key drivers of trust.

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