February 2001
Overcoming bland banking
The First step in building a strong bank is to have a strong, defined franchise. And each of Singapore’s banks can claim some success in one or two areas. But none has a really strong franchise worthy of a domestic, let alone regional, leader. And this is largely the result of complacent neglect of customer needs.
The First step in building a strong bank is to have a
strong, defined franchise. Each of Singapore's banks can claim some
success in one or two areas. Keppel TatLee is the strongest in
small- and medium-enterprise banking, DBS has the most account
holders and dominates the local capital markets, UOB has done well
in unit trusts, OUB in stockbroking, OCBC in insurance through its
Great Eastern subsidiary. But none has a really strong franchise
worthy of a domestic, let alone regional, leader. And this is
largely the result of complacent neglect of customer needs.
The consumer business offers the best example. Each Singaporean
has, on average, three, if not four, bank accounts. Part of the
reason is that banking services are free. The banks have
historically done nothing to stop their account holders from
shopping around.
DBS had a retail franchise before it merged with the...
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