According to Accenture’s 2020 Global Banking Consumer Study, customers are more likely to view banking services as a commodity, with price being the ultimate competitive differentiator, if they don’t feel a strong emotional connection with their bank.

The study, which polls over 47,000 consumers across 27 countries including Singapore, Australia, Canada, China (including Hong Kong), Japan, Mexico, South Africa, Spain, Switzerland and the US, says 43% of Singaporean consumers ranked value for money as one of the top three factors when dealing with a bank.

Digital adoption may have been the way to go in the banking industry as a way to lower costs and provide round-the-clock services, the rapid pivot to digital services has removed the vital human element from banking, says the consultancy firm.

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