The recent report by Forrester ,says that 73% of Indians consumers believe they should be able to accomplish any financial task on a mobile device. Forrester further found that consumers in Asia Pacific markets are some of the most advanced when it comes to digital engagement. Indians are leading the way as they believe that they should be able to accomplish any financial task on a mobile device.
Consumers with high levels of financial empowerment, affect how they choose to interact with their financial services providers, preferring digital channels over physical ones, especially in mobile-first markets. These are mostly in mainland China, India, Thailand, and Indonesia. 77% of banking customers in Asia Pacific prefer digital channels, ranging from 69% in Indonesia to 79% in Thailand.
As consumers across Asia Pacific become more empowered, there is also rising tide of digital disruptors. These are players that aim to create differentiation by using digital technologies and making clever use of data to offer simple, personalized, and engaging digital banking experiences.
As regulators in markets like Australia, Hong Kong, and Singapore release digital banking licenses and other markets follow in their footsteps, the regional retail banking environment is on the cusp of major new digital banking breakthroughs. Forrester found that many customers trust payment firms and technology giants over traditional financial services providers to help them better manage their finances.
“Consumers are more likely to engage with firms that prioritize helping them improve their financial well-being,” Dane Anderson, Vice President, Research Director and Region Manager, Forrester, said in a statement.
Global technology giants, payment providers, e-commerce players, and even ride-sharing leaders are already threatening established firms by offering simple, convenient, and more personalized digital experiences.While banks lead in consumers’ trust to act in the best interest of their financial well-being, a surprising cast of digital characters is not far behind.
In India, Google beat out banks as the most trusted company to act in their best financial interests whereas in China, Alibaba and WeChat are slightly behind banks, and across all countries, insurers break into the top three except in just two countries Hong Kong and Malaysia.
The pace of industry is changing and is about to accelerate.Customers want to interact with financial services providers, and they are concerned as what matters to them most when it comes to financial goals. To answer all these questions financial institutions must understand their consumer behavior and be prepared to evolve as stakes are rising for consumer behavior and financial attitude.—
(Image Courtesy: www.india-briefing.com)