Public trust in banks declines, paying more attention to the positive impact of banks on society

The survey found that the decline in public trust was mainly because the public valued the "purpose" of banks more, how can it have a more positive impact on society? In addition, the assessment of banks' ability performance has slowed down, resulting in a slight decline in overall trust.

The ratio of high trust in banks decreased from 74% to 72%, while the ratio of distrust remained at 4%, while the proportion of moderate and unspoken people accounted for 22% and 2% respectively.

A new survey shows that the Singaporean public's expectations for locally operating banks have a positive impact on society have become higher and higher, so that the latest trust index has dropped by two percentage points from 74% in 2022 to 72% last year. However, the public who distrusts the bank remains at a low of 4%.

The Banking Trust Index for Singapore released by the Banking Association of Singapore (ABS) on Tuesday (May 20) showed that the local public's trust in the Singapore banking sector remained high, with the survey score last year at 68, two points lower than the 2022 survey.

The investigation, commissioned by the international consulting firm Edelman's data and intelligence department, was conducted from the end of September to early November last year, and this is the fourth time the Banking Association has conducted the same investigation. The survey covers 14 banks and 3,501 local residents surveyed.

The report recommends that banks can strengthen public trust by focusing on improving customer-centricity and ethics, admitting mistakes and taking action to curb recurrences. At the same time, as the banking industry is increasingly important to trust, the banking industry should make further efforts in community participation and customer accessibility.