Banking innovation events provide a platform for industry leaders, financial institutions, technology providers, and customer experience professionals to discuss emerging trends and future opportunities. These events encourage knowledge sharing around digital transformation, customer expectations, financial technology, and service innovation. The insights gained often help organizations identify new strategies for improving customer experiences, adopting innovative technologies, and remaining competitive in a rapidly evolving financial landscape.
Next Bank Asia - Singapore
From a conference, we looked at bench marking Asian banks to understand how their customer experience could be improved.
We recently attended Next Bank Asia in Singapore where we shared fresh insight and thinking on how digital channels are working for customers in the region.
Findings from our 2014 banking benchmarking study show there’s a wealth of opportunity for banks to improve performance in digital and, in doing so, to win more customers and of course, sell more products.
The banking benchmark explored how consumers in Singapore shop for financial services online and how well the banks are doing at winning them over. This table shows what we regard as the strengths and weaknesses of the major banks in Singapore.
We had many conversations with representatives from major financial institutions and enjoyed the opportunity for challenge and debate.
There were some customer insights which were universally recognised, by us and the banks. For instance, our assertion that ‘people choose products and benefits not banks’ was unanimously agreed with. Similarly, when we stated that ‘sales strategy focuses on acquisition rather than deepening product relationships with existing customers’, the banks concurred.
However, we didn’t agree on everything. One insight that really challenged the preconceptions and beliefs of the banks was that customers perceive online as being an inferior channel to phone or branch. This perception was challenged emphatically. ‘Customers’ love it because it’s convenient, efficient, it’s available 24/7 and it is low effort’ was the typical counter argument.
While we accepted that in principle all of this was true in the sense that they are the drivers for consumers to use digital, we had to point out that it ignored some of the fundamental problems customers’ have when they shop online with finance providers.
As it stands today, the overwhelming majority of banks are offering very poorly designed online shopping experiences and no-one has got it completely right. Consumer confidence is therefore low. Poor navigation and categorisation make it hard to find products. Furthermore, badly designed tools fail to support product interrogation and selection, and jargon laden content can put the finance shopper off completely.
So the answer is, yes, consumers in Singapore do want to buy financial products online but the problem is the banks just aren’t doing enough to convert this desire into actual product purchases. Hence the customer’s preference for phone or branch when they want to buy a financial product.
The good news is that a lot could be achieved and many wins realised very quickly by any bank willing to make an investment in fixing these issues. There’s a huge opportunity to be had and the potential is only limited by the ambitions of the banks themselves.
To discuss the implications of this research with our team and to access a copy of the final report email: khaiseng@foolproof.com.sg.
Asian Banks - FAQs
Customer experience has become one of the most important differentiators in modern banking. Customers increasingly expect seamless digital interactions, personalized services, intuitive mobile applications, and convenient self-service options. Financial institutions that prioritize customer experience are often better equipped to build trust, strengthen loyalty, and increase customer satisfaction. As digital services continue to evolve, delivering exceptional experiences has become a strategic business priority rather than simply a design consideration.
Financial products are often complex and involve significant personal and financial decisions. User-centered design helps simplify these experiences by focusing on customer goals, behaviors, and needs. Through research and testing, organizations can identify pain points and create solutions that make banking services easier to understand and use. This approach improves customer confidence while reducing friction across digital channels.
Banks often operate within highly regulated environments while managing legacy technologies and changing customer expectations. Balancing innovation with compliance, security, and operational efficiency can be challenging. Additionally, customer needs vary across demographics and regions, making it essential for organizations to continuously gather insights and evaluate evolving expectations. Successfully overcoming these challenges requires collaboration across business, technology, and design teams.
Digital transformation can significantly improve the customer experience by providing greater convenience, faster service delivery, and more personalized interactions. Customers benefit from features such as mobile banking, digital onboarding, automated support, and real-time account management. However, successful transformation requires careful attention to usability, accessibility, and customer trust to ensure technology genuinely improves the experience rather than adding complexity.
User research helps financial institutions understand customer behaviors, expectations, and frustrations before introducing new products or services. Research provides evidence-based insights that guide decision-making and reduce investment risks. By continuously learning from customers, organizations can develop solutions that solve real problems and deliver experiences that align with both customer and business goals.