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Rethinking Service to Propel Singapore's Success as a Global Financial Hub

Industry Titans Gather at 6th Wee Cho Yaw Singapore-China Finance and Banking Forum to Discuss Feasibility of Service Benchmarks and Practicality of Principles and Integrity, Amidst Increasing Competition

SINGAPORE -- (Marketwired) -- 07/24/14 -- As banks compete to attract the growing segment of wealthy customers, leaders of Singapore's financial sector are gathering today at the 6th Wee Cho Yaw Singapore-China Finance and Banking Forum to examine solutions that will help address increasing customer demands and expectations of quality service.

Organised by the National University of Singapore (NUS) Business School's Centre for Asset Management Research and Investments (CAMRI), the Forum, themed 'Rethinking the Concept of Service in the Financial Services Industry', will be moderated by Professor Anthony Neoh, Dean's Visiting Professor at NUS Business School and former Chief Adviser to the China Securities Regulatory Commission.

The distinguished panel includes:

  • Ms Teo Swee Lian, Special Advisor, Managing Director's Office, Monetary Authority of Singapore;
  • Mr Piyush Gupta, Group CEO, DBS;
  • Mr Michael Zink, Head of ASEAN and Country Officer for Singapore, Citigroup;
  • Mr Eddie Khoo, Managing Director and Head, Group Personal Financial Services and Private Banking, UOB; and
  • Mr Robert Lagerwey, Vice President, Operations, Capella Hotel Group Asia

Mr Hsieh Fu Hua, Chairman of UOB, will deliver the opening remarks.

At the heart of the discussion is the issue of how to provide good service. The panel will be examining the feasibility of benchmarking service levels in the finance sector to the hospitality industry's, as well as whether the finance sector should radically re-think the concept of good service, given that an important function of financial services is information intermediation. Faced with the pressures of increasing competition, the panel will also debate on the responsibility of advisors to remain principled, and to provide financial counsel with integrity.

"A recent poll, which was reported in local media, indicated that companies have been placing much emphasis on customer experience management (CEM) as the services industry becomes an integral part of Asian economies. However, the survey also showed that within this region, Singapore had the biggest gap between customer expectations and the ability of businesses to provide the level of CEM technology support required to meet the demand," said Professor Joseph Cherian, Director of CAMRI, NUS Business School.

"As the number of banking clients and high net worth individuals in Singapore and this region continue to grow, good service will remain the heartbeat of the banking industry, and will be key to sustaining the health of banking sectors around the world. Singapore's government has indicated its commitment to developing the country's capabilities in ensuring the continued success of the financial sector. It is thus vital for financial institutions to place a strong emphasis on their services and, in this regard, there is plenty to learn from the hospitality industry," added Professor Cherian.

About NUS Business School: http://bschool.nus.edu.sg

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Mr Christopher CHONG
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NUS Business School
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Ms Christel Goh
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