Financial services in a global financial centre : a comparative analysis of the range, quality and cost of basic financial services available to Singapore consumers.

Abstract

This research project aims to provide useful insights to Monetary Authority of Singapore (MAS) and managers of Singapore’s three local banks – DBS, OCBC and UOB – on how they can improve and develop the local banks into world-class banks, similar to those at other global financial centers in cities such as New York, London and Tokyo. A comparative analysis on the range, quality and cost of basic financial services available to Singapore consumers was carried out with special focus on deposits accounts, financial cards and Internet retail banking. Acknowledging the primacy of United Kingdom (UK) as a global financial centre with the successful standing of its Big 4 retail banks – Barclays, HSBC, Lloyds TSB and NatWest- the country was thus used as a benchmark in this research study. This benchmarking enabled a detailed comparative analysis to be achieved, which then, paved the way for identification of various recommendations and improvements for the three local banks. Due to the lack of present comparative studies of basic financial services available to Singapore consumers and those available at other global financial centers, this research paper brings a deeper understanding of Singapore’s retail banking industry in relation to other countries which can then be used as a basis for further research and insights for banking management.