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Singapore
Standard Chartered Bank
Respondents like their relationship managers. “Supportive RM
team, keep in touch,” says one. Another applauds an “excellent
and dedicated team that always reach out to clients to seek
their requirements and strive to deliver to their demand.” But
good relationships at the personal level are not yet translating
into seamless operational support. Interestingly, assessments of
client service, which measures day-to-day delivery of current
services, is more positive. “Very well documented,” writes a
client. “Have not missed any SLA.”
Not unexpectedly, settlement is much less troublesome than
asset-servicing, though a client would “prefer more pro-active
contact from custodian in the event of possible trade failure/
issue with trade matching rather than the current situation,
whereby client has to check the custodian platform regularly to
monitor trade settlement.” The technology is creating wider dis-
content. “System glitches happen too frequently for us to track,”
notes one client.
DBS
These scores are not as lustrous as those DBS earned in Hong
Kong, but they run them close. The only areas that even hint
of shortcomings occur in narrow fields such as cost disclosure
and the up-to-dateness of information. The highest accolade
is earned by the RMs. One client name-checks his, describing
her as “very professional and responsive to our queries and has
assisted us on a timely basis. We are grateful to have such an
outstanding relationship manager to guide us.”
Deutsche Bank
Respondents are confident their trades will be settled and their
assets safekept, but the outcome overall is not a result that
Deutsche would expect here. The averages fall short not just of
the thresholds, but of the standards the bank has set itself in the
past and in other markets.
HSBC
A less-than-vintage return by a small group of clients neverthe-
less contains many encouraging messages about staff quality, set-
tlement efficiency, and service standards even in hard-to-please
areas such as income collections and tax reclaim, alongside more
predictable perceptions such as credit strength and access to
regulators.
Citi
This is an outstanding set of results. If it could raise the quality
of its RMs, improve corporate action notifications, offer more
transparency and choice in cash and FX and pass on cost savings
more readily, Citi Singapore would be close to perfection.
BNP Paribas Securities Services
More than a decade has passed since the French custodian
opened in Asia, with the aim of servicing global clients in the
region. BNP Paribas has built a franchise here, but too few of its
members responded to make confident assessments of the qual-
ity of the services. However, the averages fall short of the levels
obtained elsewhere.
WEIGHTED AVERAGE SCORES
DBS Bank Standard
Chartered Bank Deutsche Bank HSBC Citi BNP Paribas
Market share (% of responses) 26% 26% 18% 18% 10% 6%
Relationship management 5.18 4.84 4.46 4.31 5.92 Client service 5.47 5.25 4.37 5.24 Account management 5.56 5.24 4.88 5.07 Asset safety 5.50 5.82 5.50 Risk management 5.12 5.20 5.24 Liquidity management 4.55 3.73 Regulation and compliance 6.08 5.50 Innovation 5.32 Asset servicing 5.09 Pricing Technology Market Average Global Average
n/a 4.87 5.20
6.03 n/a 5.31 5.40
6.06 n/a 5.34 5.44
4.76 6.01 n/a 5.47 5.68
5.89 6.09 n/a 5.40 5.46
5.09 5.38 5.02 n/a 4.58 4.89
4.64 5.14 6.13 n/a 5.54 5.64
5.49 4.49 4.29 6.05 n/a 5.12 5.18
4.86 4.52 5.46 5.61 n/a 5.23 5.09
4.18 4.81 4.09 4.47 5.59 n/a 4.63 4.82
5.30 4.52 4.78 5.01 5.76 n/a 5.12 5.28
Cash management and FX 4.44 4.28 4.07 4.54 3.65 n/a 4.29 4.25
Total 5.15 5.00 4.65 4.96 5.79 n/a 5.10 5.24
Fall 2018
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