According to the Customer Satisfaction Index of Singapore 2013 conducted by the Institute of Service Excellence at SMU (ISES), the national score for the Finance & Insurance sector fell by 3.6 per cent from 2012. The banks and life insurance sub-sectors were responsible for the decline, registering a 3.6-per-cent and 6.4-per-cent decrease respectively. One possible reason for the decline may be changing customer requirements, said SMU Assistant Professor of Marketing and ISES Academic Director Marcus Lee. He said that “It may be worthwhile for companies to investigate the relevance of their product and service offerings.”