Digital banking licenses, new and emergent technologies, shifting competitive dynamics, and the COVID pandemic are all contributing to this rapid evolution. Just as important is the influence of digital-savvy, mobile-oriented consumers across the region in reshaping banks’ priorities and the wider banking ecosystem.
New technologies are granting consumers an unprecedented freedom to pick and choose how they engage with their bank(s) and the services they offer. This has given rise to the embedding of banking services within non-bank products or services, while also pushing to the fore more personalized offerings that tap into deeper data-driven insights around consumer behaviors.
Our survey findings present an up-to-date picture of fundamental trends, including:
Incumbent banks and their strategic competitors and partners – virtual/digital-only banks, super apps, fintechs, the ‘Big Tech’ players – are gearing up to win hearts and minds and stake their claim to be stewards of consumers’ personal and lifestyle ambitions.
Against this background, our findings look to throw new light on the form and features of the Bank of the Future.
Our survey was conducted during September and October 2022 and collected responses from a total of 4,889 respondents in five Asia-Pacific markets. Individual samples sizes – Hong Kong: 707; Greater Bay Area (ex-Hong Kong): 1293; Singapore: 1,000; Thailand: 890; Malaysia: 999. Survey respondents were drawn from six age groups – 18-24, 25-34, 35-44, 45-54, 55-64, and 65+ – and sample sizes were representative of age-related demographics in each market.