Public trust in Singapore banks dips but sector remains among most trusted institutions

Public trust in the Singapore banking industry dipped slightly between 2022 and 2024, according to the results of a survey released on May 20.

- Megan Wee

The Banking Trust Index for Singapore, which is in its fourth iteration, is commissioned by the Association of Banks in Singapore (ABS) to enable greater understanding of consumers' trust in banks and how else banks can build confidence. The latest survey was conducted by Edelman Data and Intelligence from Sept 27 to Nov 5, 2024, while the last survey was in 2022.

The dip signals a slowdown in the upward trend of trust in the banking industry since 2020, the report says.

The 14 participating banks attained an Edelman Net Trust Score (ENTS) of 68, down two points from 70 in the last survey in 2022. The ENTS is derived from the difference between the proportion of respondents with high trust in the banks and those with low trust.

The dip reflects a significant shift in what the public prioritised for their trust in banks, with growing expectations for banks to positively impact society.