Market Research Report
Singapore Retail Banking 2020 - Review, Forecasts, and Future Opportunities
|Published by||GlobalData||Product code||977235|
|Published||Content info||34 Pages
Delivery time: 1-2 business days
|Singapore Retail Banking 2020 - Review, Forecasts, and Future Opportunities|
|Published: December 9, 2020||Content info: 34 Pages||
Singapore's retail banking sector has seen steady growth year on year, but the impact of COVID-19 has caused uncertainty in the market. In light of the pandemic, Singapore's GDP is expected to fall to -6.07% in 2020 but is forecast to improve in 2021, suggesting signs of economic recovery. A significant increase in unemployment will occur in 2020, while corporate bankruptcies are likely to increase in the coming months according to the country's financial regulator and central bank, the Monetary Authority of Singapore. Although circuit breaker lockdown restrictions have eased and businesses have reopened, it is inevitable that it will take some time for them to reach pre-pandemic normality.
This report explores trends in Singapore's retail banking sector and offers insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.