The trust gap in Singapore’s finance sector

Singapore’s position as a global financial hub is undisputed. The city-state is home to some of the world’s most innovative banks and fintechs, supported by regulators who are committed to staying ahead of fraud, cybercrime and digital risk. Yet behind the polished front-end apps and slick digital campaigns, many financial institutions are still relying on patchwork systems built up over years.

These “Frankenstein” stacks — a mix of legacy infrastructure bolted together with newer tools — create hidden risks. Instead of a seamless experience across mobile, branch and online channels, customers encounter duplication, inconsistent verification processes and frequent requests to repeat themselves. What should feel like secure, connected banking ends up fractured and frustrating.

At the same time, scams and fraud are escalating worldwide. According to the 2024 Global State of Scams Report by GASA and Feedzai, an estimated $103 trillion was lost to scams globally, with Singapore recording the sixth highest losses per capita of any nation.

Combating this challenge is a shared effort between regulators, banks and customers – but financial institutions carry the responsibility of making every interaction feel consistent and secure.

For banks, this doesn’t just mean customer losses — it exposes them to reputational damage, regulatory scrutiny and erosion of trust at a time when confidence is everything.

The human side of inconsistent systems

When systems don’t connect, it’s not just customers who suffer. Employees are left juggling multiple platforms, searching for context and trying to manually reconcile data between disconnected systems. Instead of focusing on building relationships or providing financial advice, staff spend precious time managing inefficiencies.

This adds to operational cost and slows resolution. More importantly, it can damage confidence.

Customers expect one identity across channels. If they can verify themselves instantly at an ATM, why does a branch visit require filling out forms or repeating details already provided online? Every inconsistency chips away at trust — and trust is the foundation of financial services.

Why orchestration matters

The answer isn’t to add more point solutions. In fact, layering new tools onto legacy stacks often deepens complexity. What’s needed is orchestration – a way to unify channels, data and interactions into one consistent experience.

Genesys helps financial institutions build this foundation for lasting trust. By orchestrating systems and touchpoints, banks can:

  • Deliver a single, seamless identity across mobile, branch and digital.
  • Equip agents with real-time context, sentiment analysis and next-best-action guidance.
  • Detect fraud signals earlier and support safer engagement.
  • Strengthen resilience and compliance with infrastructure designed to meet Singapore’s regulatory standards.

This isn’t just about technology. It’s about giving both customers and staff the confidence that every interaction is secure, consistent and designed to protect what matters most.

From patchwork to platform

Trust isn’t built through a single product launch or campaign. It’s built in the day-to-day interactions that show customers their bank knows them, protects them and values their time.

With an experience-first platform, financial institutions in Singapore can modernise their foundations without fear – scaling into the future with continuity, compliance and confidence at the core. Trust is your most valuable currency.

Discover how Genesys helps Singapore’s banks deliver consistency, confidence and connection at scale.