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Online Banking in Singapore 2010
Datamonitor, May 2010, Pages: 66
Introduction
The Singaporean online banking market is among the most advanced in the world, with a high proportion of the population using the online channel. However, there remains several issues for online banking providers. Singaporeans show a high level of security concern and are hesitant to apply for financial products online.
Scope
-Includes a comprehensive overview of the Singaporean online banking market.
-Provides online banking customer numbers, forecasts and market share of top competitors.
-Discusses security issues and two-factor authentication.
-Based on a global consumer survey covering 9,000 respondents.
Highlights
Consumer trepidation about buying more complex financial products online exists in all countries, not just Singapore, but there is data to suggest that the aversion toward online applications is stronger in Singapore than in comparable countries, especially when it comes to loan products.
Security concerns still constitute a potent barrier for online banking customers, and with new threats as well as solutions for two-factor authentication emerging, providers need to constantly reassess their security solutions and communications with users.
The number of online banking customers is forecasted to increase over the next three years, although growth in the market is gradually slowing down as it becomes more saturated. As an example, customer numbers grew by 49% between 2004 and 2005, but grew by less than 6% between 2009 and 2010.
Reasons to Purchase
-Improve your strategic position using The in-depth analysis of the Singaporean online banking market.
-Understand the unique challenges the online banking market is facing, and benefit from forecasts of future product trends.
-Plan for the future by learning from one of the most innovative financial markets in the world.
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