Mobile is emerging to be the next channel of preference from both customer priority and frequency of interaction perspective in Singapore even though it is still behind ATM, online, and branch, says Frost & Sullivan.
Mr. Nitin Bhat, Partner at Frost & Sullivan said that Singaporean banks are still figuring out the way to encourage higher usage frequency of mobile banking.
He added that most banks are still figuring out the way to encourage higher usage frequency for this channel. He said that customers rely on many sources to find information about new products or services that they consider buying but only used a small number of channels for actual purchases: branch, website, mobile application, and contact center agent.
"Branch is king for the purchasing stage, although not the top choice for the customer’s source of information. Website on the other hand, is the preferred source of information, but only 50% of customers actually use it for final purchases," he added.
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About Frost & Sullivan:
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Published: Monday, March 23, 2015
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