Growth of Singapore Banking Sector

Growth of Singapore Banking Sector

  • Submitted By: srirammba
  • Date Submitted: 10/28/2013 5:09 AM
  • Category: Business
  • Words: 942
  • Page: 4
  • Views: 115

Singapore banking sector is highly competitive and it is a central financial hub for the Asia Pacific region (James & Hatten, 1995). It is also booming as the best global financial market with some top players like DBS, OCBC, UOB, Standard Chartered, etc. In this competitive and globalized market environment each and every bank is following a set of sales and marketing strategies to attract the new customers and become a leading service provider not only domestically but also at a Regional and Global level.

These service providers, especially in the Retail banking segment have to compete a lot to address the needs and expectations of the each and every individual. Banks are offering different set of services for the Retail and Business Banking Consumers (Balkin & Gomez, 1990). However, it is always a big challenge to market those products due to the rapidly increasing expectations and demands of the consumers. Retail banking users basically expects banks to provide good services like low minimum balance, large number of ATMs, Debit Cards, etc to attract them. So in these aspects, DBS, OCBC are leading by providing wide network of ATMs across island wide and low minimum balance of S$1000 dollars whereas other leading banks demands S$2000 (Terence, 2012).

When it comes to the Business Banking, the banks have to provide good services to the Entrepreneurs, MNCs and Start-up firms. Banks are offering business and current accounts for the Entrepreneurs in which OCBC is leading as they offer attractive benefits for the new start-up firms (Balkin & Gomez, 1990). According to the recent survey for the best bank for Start-up firms, OCBC was leading a mile by more than 45% of the public voted for them whereas DBS, UOB and SCB are not even close with all less than 15% of the respondents (Terence, 2012). At this scenario, it is very important for the banks to improve the strategies in order to gain the competitive edge in the market and increase the sales...

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