HSBC Tops Retail Banking Satisfaction Survey
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HSBC received the highest score among banks in three of the six factors measured in the study: product offerings, fees and problem resolution.
HSBC Bank ranks the highest in retail banking customer satisfaction among banks in Singapore, according to results of a survey of retail banking customers published on Thursday.
The 2019 Singapore Retail Banking Satisfaction Study, published by consumer insights company J.D. Power, was conducted among 2,515 customers from May to June 2019. It looks at their satisfaction with the products and services provided by their primary financial institution.
The study measures overall satisfaction in six factors: account activities (39 percent weight); account information (17 percent); facility (12 percent); product offerings (12 percent); problem resolution (11 percent); and fees (10 percent). HSBC had an overall score of 769 out of 1,000, which was above the average of 749. In all, eight banks were ranked. OCBC Bank placed second with 764, and DBS placed third with 752.
In contrast to its high score in Singapore, HSBC fared poorly in Hong Kong – the bank scored 677 in the J.D. Power 2019 Hong Kong Retail Banking Satisfaction Study, released in February – below the study average of 688 and only one point above the bottom-ranked bank. The leader, Citibank, scored 722.
Questions & Answers
Q.What percentage weight did each of the six satisfaction factors carry in the study?
What percentage weight did each of the six satisfaction factors carry in the study?
Account activities carried a 39 percent weight, account information 17 percent, and facility 12 percent. Product offerings also had 12 percent, while problem resolution was 11 percent, and fees 10 percent.
Q.How did HSBC's performance in Singapore compare with its performance in Hong Kong?
How did HSBC's performance in Singapore compare with its performance in Hong Kong?
HSBC scored 769 in Singapore, which was above the average score of 749. In Hong Kong, the bank scored 677, which was below that study's average of 688.
Q.Which banks were ranked second and third in the Singapore retail banking satisfaction study?
Which banks were ranked second and third in the Singapore retail banking satisfaction study?
OCBC Bank was ranked second in the Singapore study with a score of 764. DBS placed third, achieving a score of 752 in the overall satisfaction measurement.
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