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Targeting Singaporean Consumers 2010
Datamonitor, May 2010, Pages: 48
Singaporean banks have grown steadily in the last five years, with the exception of the last 18 months, in which most banks' growth has been lower than average. Banks should see the recent global economic crisis as an opportunity to reposition their growth strategies through unconventional methods and, at the same time, leverage their competitive advance in Singapore.
Scope
- Assesses the current state of retail banking growth in Singapore
- Analyzes the key growth opportunities for financial service providers in 2010
- Provides actionable insights on how to approach Singaporean consumers after the global economic crisis
- Draws insight from a global consumer survey covering over 9,000 respondents
Highlights of this title
This research shows that Singaporean consumers are more conservative in making financial decisions than five other countries included in the study. Most Singaporeans consider financial stability of FS providers more important than price, despite pricing conventionally being seen as the key driver behind financial decisions.
From method of acquisition perspective, exclusive discount offers have been proven as a successful method for FS providers in acquiring new credit card customers. This causes a relatively high product holding, with an average person holds 12 financial products in Singapore.
Singaporean consumers also see the importance of ethical banking, as an evidence that banks are not just looking for profits but are also willing to improve the quality of their relationship with their customers through involvement with their community. FS providers should leverage this as a tool for differentiation among this competitive market.
Key reasons to purchase this title
- Understand consumer attitudes towards financial services in Singapore
- Learn which product and marketing strategies will maximize the future growth opportunity
- Gain insight on how best to position product propositions give the consumer trends in Singapore
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