According to Forrester’s 2024 Singapore Customer Experience Index (CX Index™), HSBC and Singlife have emerged as leaders in their respective industries. HSBC topped the banking and investment sectors, while Singlife excelled in the auto and home insurance categories. Despite these standout performances, the overall customer experience (CX) across all industries remained largely stagnant, with average scores described as merely "OK."
HSBC's strong showing is attributed to a high percentage of customers rating its CX as “excellent,” alongside top scores in customer loyalty, satisfaction, and alignment with consumer values. This year marked the first inclusion of the investment sector in the CX Index, further highlighting HSBC's commitment to customer-centric service.
Singlife led the insurance sector, receiving the highest ratings for customer experience and demonstrating notable strengths in customer forgiveness and transparency regarding policy costs. The report indicates a narrow gap between the highest and lowest scores across industries, suggesting a general lack of competitive differentiation.
For financial service brands aiming to enhance their CX, Forrester identified key improvement areas. Banks should focus on fast problem resolution and user-friendly mobile banking applications. In contrast, auto and home insurers need to streamline appointment scheduling with agents and increase transparency in policy pricing.
Despite ongoing investments in customer service and digital experiences, many financial services firms in Singapore struggle to elevate their CX quality. Forrester's SVP, Dane Anderson, emphasized that these brands recognize the necessity of prioritizing customer needs to drive business growth. Improved CX can lead to benefits such as enhanced customer loyalty, retention, and brand devotion.
Forrester's CX Index rankings provide valuable insights for businesses, helping them identify trends and prioritize improvements to strengthen their customer engagement strategies.
