Trust in Singapore banks dips slightly for second consecutive year but remains high

SINGAPORE: Trust in banks among Singaporeans has dipped slightly, though it continues to remain at a strong overall level, according to the latest findings from a survey commissioned by the Association of Banks in Singapore (ABS).

The study, conducted by global consultancy Edelman, gathered views from over 3,500 Singapore residents between September 27 and November 5 last year.

The 14 banks assessed scored a trust rating of 68 out of 100, down slightly from 70 in 2022.

While the drop is relatively small, it signals a continued, gradual decline in confidence for the second year running.

The share of respondents who said they “highly trust” banks slipped from 74% in 2022 to 72% last year. On the other end of the spectrum, only 4% said they didn’t trust banks—a figure that has held steady since the previous year.

Another 22% of those surveyed were neutral. 2% chose not to offer an opinion.

The dip in trust may be due to shifting expectations. The report suggested that more people expect banks not just to safeguard their money and provide reliable services, but also to take an active role in giving back to society.

Despite the small decline, industry observers say the findings indicate that trust in the banking sector remains robust, especially when compared with global standards.