The Institute of Service Excellence (ISE) at the Singapore Management University (SMU) (新大卓越服务研究院) released the Finance and Insurance industry sectors’ findings from the Customer Satisfaction Index of Singapore (CSISG) 2022 national study today on 11 April 2023.
The latest results showed that customer satisfaction with the Finance sector increased year-on-year by 0.9% to 75.5 points, based on a 0 to 100 scale. This performance was derived from its three constituent sub-sectors: Banks, Credit Cards, and e-Payment Apps. The Banks sub-sector scored 75.6 points, a 1.0% increase year-on-year, while Credit Cards scored 73.8 points, a 0.9% increase. These performances were the highest customer satisfaction scores on record for both these sub-sectors. On the other hand, the e-Payment Apps sub-sector registered a 1.8% decrease, scoring 75.6 points. The Insurance sector registered a 1.7% year-on-year increase to score 74.8 points.
This latest set of Finance and Insurance sectors’ customer satisfaction scores also marked the completion of the 2022 CSISG study. Together with five other service industry sectoral results released last year, namely, Retail, Info-communications, Land Transport, Food & Beverage, and Tourism, Singapore’s national customer satisfaction score for 2022 stands at 74.6 points. This 1.1% improvement from 2021 represents the highest customer satisfaction level the CSISG study had recorded since its inception in 2007, 16 years ago.