Consumers in Asia Pacific have made the mobile mind shift—the expectation that they can get what they want in their immediate context and moments of need. This rings particularly true for consumers in Singapore, where smartphone penetration will reach a staggering 85% by the end of 2015. From researching products prior to purchase to booking of taxi services, consumers in Singapore are increasingly reaching into their pockets for their smartphones to get information and services in their mobile moments of need. And they have come to expect similar—if not better—information, digital services and customer experience from their financial institutions. It comes as no surprise then that competition in mobile banking has started to heat up in Singapore, with many banks enhancing their mobile capabilities to serve increasingly empowered customers.
In our inaugural 2015 Singapore Mobile Banking Functionality Benchmark report, we have evaluated the retail mobile banking offerings of four banks in Singapore using 41 criteria. We found that:
- Banks in Singapore offer accessibility and convenience, providing a wide range of mobile touchpoints where customers can quickly log into their accounts to carry out key tasks, either on the web or on the app.
- Most banks offer services that matter most to customers including balance checking, transaction history, and basic money movements.
- Leading banks (such as DBS Bank and OCBC Bank) differentiate by offering next-generation value-added features, either by using augmented reality technology to help home buyers with their purchase decisions or by using mobile image capability to pay bills.
- Yet, there is room for improvement for banks when it comes to leveraging context and analytics to gain a deeper understanding of their customers, and they can do more to cross-sell additional banking products and services through mobile