Public trust in banks in S'pore dips slightly but industry remains one of the most trusted: Survey
The Singapore banking industry remains one of the most trusted institutions locally, coming in closely behind the Government, according to the survey. ST PHOTO: CHONG JUN LIANG
Public trust in banks in S'pore dips slightly but industry remains one of the most trusted: Survey
SINGAPORE – Public trust in the Singapore banking industry dipped slightly between 2022 and 2024, according to the results of a survey released on May 20.
The Banking Trust Index for Singapore (BTIS), which is in its fourth iteration, is commissioned by the Association of Banks in Singapore (ABS) to enable greater understanding of consumers' trust in banks and how else banks can build confidence. The latest survey was conducted by Edelman Data and Intelligence from Sept 27 to Nov 5, 2024, while the last survey was in 2022.
The dip signals a slowdown in the upward trend of trust in the banking industry since 2020, the report says.
The 14 participating banks attained an Edelman Net Trust Score (ENTS) of 68, down two points from 70 in the last survey in 2022.
The ENTS is derived from the difference between the proportion of respondents with high trust in the banks and those with low trust.
The dip reflects a significant shift in what the public prioritised for their trust in banks, with growing expectations for banks to positively impact society.
On top of the ENTS, the Edelman Trust Management framework used four key pillars to study what shapes public trust – ability, integrity, dependability and purpose.
Ability refers to how good banks are at what they do; integrity refers to the bank's honesty; dependability refers to how well banks keep their promises; and purpose refers to how hard banks try to leave a positive impact on society.
The survey found that while ability continued to be the major contributor to trust, there has been a shift towards purpose.
Ability saw a dip of three points to 30 per cent, while purpose saw a significant increase by six points to 19 per cent. Meanwhile, integrity saw a dip of two points to 26 per cent and dependability maintained status quo at 24 per cent.
Even though banks have made substantial progress in giving back to the community, improving customer accessibility and employee diversity, purpose remained the lowest performing pillar.
The growing importance of purpose to trust, along with the flattening performances of ability indicators, contributed to the dip.
However, despite the drop, the Singapore banking industry remains one of the most trusted institutions locally, coming in closely behind the Government, which has an ENTS of 72.
'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 Ms Helen Wong, ABS chairman, and group CEO of OCBC Bank.
Banks could strengthen public trust by prioritising improvements to ethical conduct, acknowledging mistakes and demonstrating proactiveness in preventing re-occurrences, and enhancing customer centricity, said the report.
The increasing importance of purpose to trust also calls for further efforts by the industry to expand community involvement and customer accessibility, it added.
'We hear the call to do even more – to demonstrate our purpose for the greater good and bring positive impact to society – and look forward to rise to the occasion, building on the industry community initiatives we started last year,' said Mr Shee Tse Koon, chairman of ABS' Culture and Conduct Steering Group and DBS' group head of consumer banking and wealth management.
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
44 minutes ago
- Straits Times
2025 ST Car of the Year mid-year scorecard
(Clockwise from top left) The Honda Accord, the Mazda CX-80 and Chinese EVS BYD Sealion 7 and the Hyptec HT. ST PHOTOS: CHONG JUN LIANG, MARK CHEONG, KEVIN LIM SINGAPORE – New cars launched in the 12 months up till November are in contention for the annual Straits Times Car of the Year (Coty) Award. May marks the midway point and it is a good time to take stock. Between December 2024 and May 2025, the Motoring section featured 37 local car reviews, consisting of 24 new models. The rest were facelifts or variants of existing models. So, what have we seen from the class of 2024/2025 so far and what is to come? 1. EVs, especially Chinese ones, dominate There were 19 electric vehicles (EVs) among the cars reviewed, with 14 of them from Chinese carmakers. Then there are EVs like the Tesla Model Y and Mini Aceman, which may not be Chinese brands, but are built in China. Beyond their attractive price tags and generous list of standard luxury features, the Chinese EVs also seem to be really energy-efficient. Many of the EVs tested managed to post better-than-average energy consumption figures than claimed. Among those EVs reviewed are 11 that come from brands which have not been in Singapore for more than a year. Deepal and Jaecoo, for example, were launched as recently as January. And if you cannot tell an Aion from a Skyworth or a Dongfeng, things are about to get even more confusing in the coming months. More brands are going to open shop in Singapore, like Leapmotor, which is a Chinese brand with backing from Stellantis, a global auto group with brands like Alfa Romeo and Peugeot. With more brands and more dealers in the game, i t will be difficult for the premiums for certificates of entitlement (COEs) to come down as everyone jostles for prominence, while the existing ones fight for survival. 2. Plenty of cars with three out of five stars The Volvo XC90 was just one point away from getting a fourth star. PHOTO: VOLVO In the past six months, all but seven cars reviewed scored three out of five stars. Among them was the Volvo XC90 that was just one point away from getting a fourth star. As a rule, cars with two or fewer stars are struck out of Coty contention, but even the three-star cars will go through a round of culling nearer December. While car reviews are quantitative in nature, ST's scoring system helps to focus the reviewer, measuring the car against its class rivals, awarding up to five points in the following areas: performance, handling, ride, build quality, efficiency, styling and X-factor. For practicality and value for money , the maximum score is doubled to 10. This is to help balance the driver-centric nature of the other components. 3. The cautionary tale that is Neta Chinese EV brand Neta's last two units were registered in January. PHOTO: ST FILE Chinese EV brand Neta was launched in Singapore at the end of 2024 . By April, the brand folded after registering just four cars in the few months that it was active. The last two units were registered in January. It was reported that the distributor pulled the plug after the shipment of ordered cars never arrived. The fate of the brand in other countries is also unclear at this point. As for the cars themselves, the V, which is a compact hatchback, felt like it needed more work. It also holds the record of being the only car rated one star since the current scoring system was implemented in 2022. The X, which is a sport utility vehicle (SUV), seemed more competent, but it did not offer compelling enough reasons to be picked over other cars in the segment. The lesson here is to spend some time to research and shop when considering a car purchase, even if you are not 'into' cars. As the industry continues to change, there will be brands that turn out to be the next standard-bearers, like Toyota , but there will be others that may not outlast the 10-year lifespan of a COE. 4. Streamlining of body types Every other new car has been some kind of SUV and it does not matter if they are in the mass market or the more exclusive end of the spectrum. Practically, the SUV form is suited for EVs because the boxier profile and loftier driving position leave space for batteries. SUVs also seem more popular with buyers, selling in bigger numbers than two-door coupes or the traditional three-box, four-door saloon. After the SUV, the multi-purpose vehicle (MPV) is the next most popular type of car. There are new offerings across size segments, from the compact Honda Freed to the gigantic Xpeng X9, which is nearly 5.3m long – bigger than limousines like the Mercedes-Benz S-Class. 5. Momentum for the next six months There will be more new brands arriving in the coming months. For sure, some will be electric, Chinese or both. But there are also interesting models that seem to be marching to a different beat, like the Corvette, which will be the first time the American supercar will be officially sold in Singapore. Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
3 hours ago
- CNA
Teo Chee Hean to be new Temasek chairman; Lim Boon Heng steps down
SINGAPORE: Temasek Holdings said on Friday (Jun 6) that former Senior Minister Teo Chee Hean will succeed Mr Lim Boon Heng as its fifth chairman. Mr Teo, who retired from politics in April and did not contest in the recent General Election, will first join Temasek's board as deputy chairman on Jul 1. He will take over the chairmanship on Oct 9 after the conclusion of Temasek's third-quarter board meeting, the state investor announced alongside other changes to its board. In its press release, Temasek said Mr Teo had advanced Singapore's interests in key areas such as geopolitics, as well as navigated complex challenges both in Singapore and abroad during his 53 years in public service. Mr Teo, 70, served as the chief of navy prior to entering politics. He made his political debut in 1992 when he was part of a People's Action Party team that contested and won a by-election in Marine Parade GRC. He then moved to contest Pasir Ris GRC during the 1997 polls and was subsequently re-elected in Pasir Ris-Punggol GRC five times. During his time in government, Mr Teo helmed the home affairs, defence, education and environment ministries, among other roles. A core member of Singapore's third-generation leadership team, he later served as deputy prime minister between 2009 and 2019 before being appointed as senior minister. The political veteran also held the role of coordinating minister for national security from 2011 and oversaw other portfolios, such as the Smart Nation and Digital Government Group and the National Climate Change Secretariat, until he stepped down from politics. 'He guided Singapore's agencies to adopt a coordinated, whole-of-government approach to address complex issues such as population matters and climate change, including the formulation of practical decarbonisation and net-zero goals,' Temasek said. 'In a rapidly changing world, his wealth of experience and strategic insights will bring valuable perspectives to Temasek as it continues to evolve and grow as a global investment company,' it added. LIM BOON HENG GUIDED TEMASEK'S GLOBAL EXPANSION His predecessor, Mr Lim, has been chairman of Temasek since 2013, when he took over from former Cabinet minister S Dhanabalan. Mr Lim himself held several key Cabinet positions in the government from 1993 to 2011, including second minister for trade and industry and minister in the Prime Minister's Office. He was also the secretary-general of the National Trades Union Congress from 1993 to 2006. The 77-year-old retired from politics in 2011 and joined Temasek as a director the following year. Temasek said it established itself as a global investor under Mr Lim's chairmanship. Its net portfolio value grew from S$223 billion (US$174 billion) in March 2014 to S$389 billion in the last financial year. Since 2014, it also expanded its footprint into developed markets across Europe and the United States, which are now home to nearly half of its 13 offices around the world. Its portfolio exposure to these developed markets has since doubled. Among his other contributions, Mr Lim paid close attention to talent renewal, especially when it came to increasing Temasek's international representation, the firm said. He also guided Temasek through its leadership transition in 2021, when Mr Dilhan Pillay took over from Madam Ho Ching as Temasek's CEO. Temasek noted that Mr Lim has been an advocate of good corporate governance and sustainability in its portfolio companies through engagement forums like the annual Temasek Roundtable and its flagship Ecosperity conference which started in 2014. Mr Lim also guided Temasek's various community contributions, especially during the COVID-19 pandemic when it led response efforts that included distributing essential supplies and medical equipment. Mr Lim championed tripartism through the Temasek Tripartite Conversations and also helped shaped Temasek's T2030 strategy in 2019, which served as its 10-year road map to construct a resilient and forward-looking portfolio, among other contributions. Reflecting on his 13 years at Temasek, Mr Lim said he has been 'privileged to work with a capable, dedicated team unified by a strong sense of purpose and commitment to excellence'. 'I am always inspired by my colleagues' collective conviction that, like generations before us, we must always act today with tomorrow clearly in our minds,' he said. He added that he is pleased that Mr Teo will guide Temasek into its next chapter of growth. 'His remarkable depth of experience in public service, combined with his seasoned wisdom on both local and global affairs, makes him the right helmsman for Temasek as we navigate increasingly choppy waters while remaining true to our purpose to ensure every generation prospers,' said Mr Lim. Speaking about his new appointment, Mr Teo thanked Mr Lim for his service to Temasek. He said that in the current era of deepening global uncertainty, Singapore must 'remain clear-minded on critical matters such as international relations, security and climate change'. 'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' said Mr Teo. 'I look forward to working with Temasek's board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' Mr Pillay said Mr Lim has been an inspirational figure and 'exemplifies what it means to be a steward leader'. 'Benefitting from his strong moral compass and wise counsel, we have strengthened our position as a globally recognised investment company, while remaining true to our Singapore roots and values,' said the Temasek CEO. He added that Mr Lim's championing of the Temasek Tripartite Conversations has been particularly meaningful, as these dialogues have built 'important bridges between Temasek, (its) portfolio companies and union representatives'. Doing so has created 'a culture of trust and collaboration that fortifies the ecosystem with greater resilience', he added. Mr Pillay also welcomed Mr Teo, saying that the state investor is privileged to benefit from his perspectives and extensive experiences. 'We look forward to his stewardship as we navigate the opportunities and challenges ahead.' Temasek also announced three other retirements from its board. Deputy chairman Cheng Wai Keung and board director Stephen Lee will be retiring on Jun 30 after nearly 14 years and 8 years of service respectively. Director Bobby Chin will also retire on Jul 31 after serving for 11 years. 'As respected business leaders with diverse expertise, they have guided the company's investment and portfolio management deliberations,' Temasek said. 'Their global perspectives on industry developments, tripartism, governance and risk management have been instrumental in upholding Temasek's reputation for sound stewardship and accountability.' Temasek, which marked its 50th anniversary last year, was first formed as a holding company for the government's assets, such as DBS and Singapore Airlines.
Straits Times
10 hours ago
- Straits Times
Forum: More can be done to give Singaporeans a chance to step onto global stage
Forum: More can be done to give Singaporeans a chance to step onto global stage I refer to the article 'Young Singaporeans must think beyond our shores' (June 3). It cited TikTok chief executive officer Chew Shou Zi and Sun Life Canada president Jessica Tan. They have indeed flown our flag high with their achievements. Nonetheless, we should also take a step back to analyse what has made them successful in order to create an ecosystem for other capable Singaporeans to succeed internationally. Mr Chew and Ms Tan did not take up government scholarships to study overseas. This provided them the flexibility to venture abroad in multiple countries and roles in their most productive years after graduation, without having to return to Singapore to serve out their bonds. When overseas opportunities arise, should the Government exercise flexibility and allow those on scholarships – the brightest of our education system – to follow suit? Or does the stance remain that scholarship holders should return to serve their bonds first? I know of many experienced Singaporeans willing to take on bigger roles overseas if they are given the chance to do so. However, multinational corporations and domestic companies often end up hiring foreign employees for overseas roles in view of local regulations, lower costs or other factors. The Opinion piece is right that Singaporeans should step onto the global stage as we have the skills and ability to do so . Perhaps the Government can do more to encourage employers to give us the chance to do so. Ivan Phang More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.
