Twimbit CX Banking App Benchmarks 2023 – Singapore

Summary

Singapore's retail banking customers are increasingly judging their banks by the quality of a single touchpoint, the mobile app, as digital-only entrants and neobanks raise the bar for what a seamless banking experience should feel like. The country's leading banks are being evaluated on how they perform across mobile app experience, customer onboarding and customer service, at a moment when the Monetary Authority of Singapore's approval of digital-only banks has intensified competitive pressure on incumbents.

What separates strong onboarding journeys from weak ones comes down to document requirements, account-opening transparency, and the use of national identity infrastructure for faster verification, alongside how banks are deploying AI-powered chatbots and natural language processing to deliver round-the-clock customer support. Design choices around call-to-action clarity and passcode setup during onboarding also influence customer conversion and retention.

Framed against a backdrop where 99% of Singaporean customers still intend to keep their primary bank accounts despite growing digital alternatives, a structured methodology for evaluating app experience quality identifies where traditional banks are closing, or still facing, the experience gap with digital challengers.

• Benchmark methodology spanning mobile app, onboarding and customer service experience
• Best practices identified across account opening, security setup and support channels

As digital-only banks reset customer expectations, how close are Singapore's traditional banks to closing the app experience gap?