YouGov: Singaporeans really don’t like using chatbots for personal banking

Possibly Singaporeans in Haji Lane, not using chatbots in the photo. Photo by Carson Arias on Unsplash.

Singaporeans are the least likely folks in Asia-Pacific to want to use a chatbot for managing or checking on their bank accounts, according to YouGov.

The latest data collected by YouGov in May 2023 surveyed 1,097 adults in Singapore about their chatbot appetite for personal banking. It found that Singaporeans are the least likely in APAC to choose chatbots over human interaction and support, just after the Australians.

More specifically:

41% of surveyed Singaporeans expressed reluctance to use chatbots for banking
24% are not sure about choosing chatbots over human assistance
28% would prefer a chatbot over human assistance

Among those who do use chatbots, the majority utilise it for superficial or simple transactions. As shown below, only 7% and 9% of users seek assistance for loans/mortgages and insurance, while a huge bulk (21-24%) use chatbots for simple transactions and checking account balances.

Source: YouGov.

The survey also uncovered that millennials (folks born between 1981 to 1996) are more likely to share banking details with chatbots, but Gen Z (born 1997-2009) are more likely to share personal identification information (email, name, phone numbers). Boomers (born 1946-1964) are the least likely to share anything with a chatbot.

Source: YouGov.