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4 in 10 Singaporeans don’t trust their banks

Nurdianah Md Nur | July 17, 2014
However, most of them are fiercely loyal to their financial institution; they've never switched banks their whole lives even when badly treated..

Survey findings from EnjoyCompare.com found that 40 percent of Singaporeans perceived their banks to be more interested in their profits than looking after their customers' best interest.

The most popular comment about banks that the price comparison website for consumer financial services heard during the survey was "they only seem to care about cutting costs and building up their profits."

Despite the negative perception of their banks, many unhappy Singaporeans were reluctant to leave their current bank and would not know which other financial institution to choose even if they did. 

Out of the 1,100 Singaporeans polled, 63 percent of them said that they would stick with their current bank even if they were displeased with their service. Most of them have stayed loyal to their bank for their entire life (92 percent) and would not consider banking elsewhere (68 percent) too.

According to EnjoyCompare.com's Mark Hall, most people are hesitant to change banks as they "fear change". "But there comes a time when you have to show your bank who's boss and switch your account - it's your money, and you can take it where you like," he added.

 

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