NPS Prism Reveals Southeast Asia SME Banking Benchmarks

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Recent data from NPS Prism revealed the banking industry leader for small and medium enterprises, pointing to important changes in the market. 

United Overseas Bank Limited (UOB), a Singapore-based regional bank, has consistently demonstrated a strong commitment to supporting Small and Medium Enterprises (SMEs) across ASEAN, recognizing their vital role in driving regional economic growth.

In the four markets covered by NPS Prism’s study, UOB emerged as a leader in three, standing shoulder to shoulder with well-established local banks with long-standing legacies.

As a challenger to these incumbent leaders, UOB’s growing presence signals a shift in regional dynamics—making this an exciting space to watch in the coming years. 

A Key Priority: Strong Customer Advocacy Wins More Primary Customers 

NPS Prism data shows that industry leaders enjoy a 1.19x to 2.25x uplift in Relationship Net Promoter Score (rNPS) among their primary deposit customers compared to non-primary customers.

This indicates that SME customers who consider a bank their primary provider are significantly more satisfied and loyal, and strong customer advocacy plays a critical role in achieving this. 

Beyond rNPS uplift, growing the share of primary deposit customers makes strong business sense. NPS Prism research shows that around 80% of SME customers do not switch their primary banking provider within a 12-month period, with this figure rising to 90% or more in some markets—underscoring the value of primary bank relationships for long-term customer retention and growth.

Digital Channels Prove Critical to SME Customer Retention 

Customer experience—especially through digital banking services—plays a crucial role in retaining primary deposit customers.  

Across markets, the top three reasons SME customers stay with their primary bank are:  

1. The ease of using mobile and online banking services
2. A strong brand reputation and recognition  
3. A sense of security and trust.  

Notably, in three out of four markets covered by NPS Prism’s research, superior mobile and online banking services are also cited as a key reason customers consider switching away from their primary provider, emphasizing the significant impact of digital services on retention. 

Human Interaction Still Valuable to SME Customers 

While digital banking services continue to evolve and provide unmatched convenience for day-to-day banking for SMEs, human channels remain essential – especially when stakes are high 

SME customers often turn to relationship managers or branch staff when they need onboarding support, guidance on financing options, or help navigating complex business needs. These human touchpoints are not just a fallback—they complement digital tools by offering trust, and tailored advice that technology alone can’t deliver. 

In fact, Prism data shows that SMEs initiate 60- 70% of their banking interactions in human channels across markets. This reinforces the point: even in an increasingly digital world, human channels remain essential in building long-term SME banking relationships.  

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