ISES Director Caroline Lim said: “The banks in our local financial sector are constantly trying to outdo one another in performance.” Citing credit cards as a prime example, she said: “The moment one bank introduces an innovative offering, like limousine services and access to airport lounges, rival banks will soon follow with ramped-up offerings and new services. Consumers stand to benefit in these instances.” Meanwhile, ISES Academic Director Marcus Lee sees the improvement in scores as the result of “good, healthy competition”. He said: “We like to think the CSISG spurs the banks, foreign or local, to want to do better for their customers. Between that and the improvements we observe, such as in mobile banking and innovative new products, there is good reason for the banks to improve year-over-year.”
Link:
https://www.smu.edu.sg/sites/default/files/smu/news_room/smu_in_the_news/2015/ap...