Developments in the consumer banking sector

Abstract

Consumer banking is doing bank business with individuals from various age groups and income stratum, statisfying their needs through the provision of financial products and services. The development of consumer banking has been influenced by changes in the market structure and competitive behaviour and in technological advancements. But above all, banks have realised that the changes in the economic, social and demographic environment have created new financial demands in consumers that need to be served. The consumer banking segment of the financial services industry in Singapore has grown rapidly and undergone many changes in recent years. Competition is highly visible. As such, it is considered appropriate that a review of the consumer banking sector be undertaken to examine the developing future trends for this market. The study can generally be divided into 3 main sections. The first part looks into the background of consumer banking. The second part examines the forces of change that give rise to the present plethora of consumer banking products and services in today's market. Lastly, the study attempts to highlight future trends in consumer banking.