The Institute of Service Excellence (ISE) at the Singapore Management University (SMU) released the Finance and Insurance industry sector findings from the Customer Satisfaction Index of Singapore (CSISG) 2020 national study on 31 Mar 2021.
The Finance sector comprises of the Banks, Credit Cards, and e-Payments sub-sectors. The Banks sub-sector scored 74.0 points (on a 0 to 100 scale) in customer satisfaction, a 1.7% decline over the previous year. The Credit Cards sub-sector scored 72.7 points, which was similar to the previous year. The e-Payments sub-sector was a new inclusion to the study this year, scoring 79.0 points. The Insurance sector scored 73.8 points; the score was not comparable with previous years due to changes in survey and sampling methodologies.
This announcement also marked the final set of industry results for the 2020 CSISG study. Based on the customer satisfaction scores for eight key economic sectors and 22 sub-sectors of the Singapore economy, the national customer satisfaction score for 2020 was 74.0 points; in 2019 the national average was 74.3 points.