The uncooperative banks of Singapore.

Singaporeans may not be aware of it, but a foreigner can see something about their banking system that is just not right. There is a lack of cooperation between banks in Singapore which leads to a general lowering of customer service.

In other countries that I have visited (about 20), it is usual for banks to cooperate with each other to the extent that any ATM card will work in any ATM. This is because the banks have agreed to share networks and give each other access to their networks. The result of this sharing of resources is greatly increased convenience for the customer: simply pop your ATM card into any bank's ATM and you can access your own account: wonderful.

In Singapore, however, things are different. Banks in Singapore freeze each other out. They treat each other as enemies rather than cooperative entities all working together to give the best to their customers. The result is that ATM cards in Singapore only work in a small selection of the ATM machines. You see, the banks have refused to cooperate with each other - in general - and so an ATM card often only works in the machines of the bank by which it was issued. This leads to a poor customer service for all - and, oddly, GREATER EXPENSE FOR THE INDIVIDUAL BANK. For each bank to operate its own network of machines is very expensive - so to offer sufficient service, more machines, per bank are necessary, than if the banks were sharing. So, not only are Singaporean banks uncooperative, they are stupid. The smart move would be to cooperate because then the best service could be offered at the lowest price to each bank. It is a win-win situation - the customer wins and the bank wins.

Everywhere else in the world, whose banking system I am aware of, has realized the advantages of ATM system cooperation - but Singapore hasn't. Here banks fight each other at the expense of the customer.

It is interesting to note who, too, is not cooperating. Today I put an ATM card from a local bank into a POSB atm. It didn't want to do business with my card...because it was the wrong bank. The same card was accepted by the ATM machines of the issuing bank, however. So, there was nothing wrong with the card. It is instructive that POSB is a Singapore government bank - so it is the Singaporean government that is not cooperating with other banks. However, it is not alone, all the local banks that I have observed personally, feud in this way, by refusing each other's cards. It is immature behaviour and is at the expense of the customer.

Competition has its place in business. However, that I think in a mature business environment there will be mutually beneficial cooperation, too. The absence of such cooperation in the ATM networks in Singapore is a sign of two things: immaturity in the management of these banks (read, "Stupidity") and a failure to put the customer first. In Singapore, it often seems, that the customer comes last.

The answer, in Singapore, is either to have more than one account, so that you can increase the number of ATMs to which you have access...or spend a lot longer looking for a cooperative machine.

Happy banking.

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