Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Around 85 percent of Vietnamese bankingconsumers are more likely to use online and digital banking services comparedto 18 months ago, according to a new report from SaaS cloud banking platformMambu.
The 'Financial tribes you need to know' report reveals that nearly two thirds(61 percent) of consumers globally have made greater use of digital bankingservices over the last 18 months and two in five (41 percent) have startedusing digital banking services for the very first time because of the pandemic.In Vietnam, these numbers are higher, at 70 percent and 54 percentrespectively.
The report, which is the latest in Mambu’s ‘Disruption Diaries’ series,surveyed 4,500 consumers globally, including Vietnamese consumers (accountingfor 11 percent) and identifies five emerging financial “tribes'' that banksneed to know about in a post-pandemic world.
These key consumer groups include techcelerators, ethical bankers, conveniencecravers, covidpreneurs and neo asset hoarders.
Techcelerators are recent converts to the world of digital banking who haveadopted digital services amid physical branch closures. Vietnam was most likelyto identify with techcelerators, with 33 percent of respondents showing thetraits of this group.
Ethical bankers are young, purpose-driven savers that want to make a positiveimpact in the world. Some 76 percent of Vietnamese consumers agreed that theyare willing to pay a premium for financial services if a cut goes towardshelping the environment or local communities – the highest percentage of allsurveyed markets.
Convenience cravers are one-stop shoppers who want all-in-one services at theirfingertips, and at no extra cost.
Covidpreneurs are entrepreneurs who have set up their own business during thepandemic, in need of easy-to-use and reliable business banking services.Fourteen percent Vietnamese respondents belong to this group.
Meanwhile, neo asset hoarders are new asset owners who want to use financialservices to buy, trade and hold assets. This group is the smallest, but rapidlygrowing tribe globally.
Eugene Danilkis, CEO at Mambu, said: “Each tribe tells us something significantabout the way consumer behaviour is adapting and what banks must do to stayahead of the curve. Traditional audience segmentation in financial services isbroken. The one-size-fits-all model, in which customers are divided based onhow much they earn, or simple demographics, is redundant in a world of openfinance.”
“If banks want to survive, they must think about how to affiliate themselveswith the new groups within society and appeal to them with products andexperiences that meet their shared values and user needs. Globally we have over50 million end users on our Mambu platform which demonstrates the growingdemand for new and digitally-enabled financial products."
Pham Quang Minh, CEO of Mambu Vietnam, said: “Digital transformation in bankinghas accelerated in Vietnam to adapt to changing customer behaviours in the newera. It is shown in our report that 87 percent of local banking customersagreed with the importance of online and digital banking services in a bank orfinancial institution.
"Most of them (over 80 percent of respondents) prefer to save or investrather than spending money – the highest rates of all surveyed markets, andmore than 74 percent are willing to pay a premium for financial services thatsave their time and offer greater flexibility.
"Approximately 90 percent of respondents use online and digital bankingservices mostly to pay bills, transfer money and check account balances. Thesestatistics will help banks to capture the habits and behaviours of customers inorder to create more effective online services and products that can attractcustomers.”/.
The 'Financial tribes you need to know' report reveals that nearly two thirds(61 percent) of consumers globally have made greater use of digital bankingservices over the last 18 months and two in five (41 percent) have startedusing digital banking services for the very first time because of the pandemic.In Vietnam, these numbers are higher, at 70 percent and 54 percentrespectively.
The report, which is the latest in Mambu’s ‘Disruption Diaries’ series,surveyed 4,500 consumers globally, including Vietnamese consumers (accountingfor 11 percent) and identifies five emerging financial “tribes'' that banksneed to know about in a post-pandemic world.
These key consumer groups include techcelerators, ethical bankers, conveniencecravers, covidpreneurs and neo asset hoarders.
Techcelerators are recent converts to the world of digital banking who haveadopted digital services amid physical branch closures. Vietnam was most likelyto identify with techcelerators, with 33 percent of respondents showing thetraits of this group.
Ethical bankers are young, purpose-driven savers that want to make a positiveimpact in the world. Some 76 percent of Vietnamese consumers agreed that theyare willing to pay a premium for financial services if a cut goes towardshelping the environment or local communities – the highest percentage of allsurveyed markets.
Convenience cravers are one-stop shoppers who want all-in-one services at theirfingertips, and at no extra cost.
Covidpreneurs are entrepreneurs who have set up their own business during thepandemic, in need of easy-to-use and reliable business banking services.Fourteen percent Vietnamese respondents belong to this group.
Meanwhile, neo asset hoarders are new asset owners who want to use financialservices to buy, trade and hold assets. This group is the smallest, but rapidlygrowing tribe globally.
Eugene Danilkis, CEO at Mambu, said: “Each tribe tells us something significantabout the way consumer behaviour is adapting and what banks must do to stayahead of the curve. Traditional audience segmentation in financial services isbroken. The one-size-fits-all model, in which customers are divided based onhow much they earn, or simple demographics, is redundant in a world of openfinance.”
“If banks want to survive, they must think about how to affiliate themselveswith the new groups within society and appeal to them with products andexperiences that meet their shared values and user needs. Globally we have over50 million end users on our Mambu platform which demonstrates the growingdemand for new and digitally-enabled financial products."
Pham Quang Minh, CEO of Mambu Vietnam, said: “Digital transformation in bankinghas accelerated in Vietnam to adapt to changing customer behaviours in the newera. It is shown in our report that 87 percent of local banking customersagreed with the importance of online and digital banking services in a bank orfinancial institution.
"Most of them (over 80 percent of respondents) prefer to save or investrather than spending money – the highest rates of all surveyed markets, andmore than 74 percent are willing to pay a premium for financial services thatsave their time and offer greater flexibility.
"Approximately 90 percent of respondents use online and digital bankingservices mostly to pay bills, transfer money and check account balances. Thesestatistics will help banks to capture the habits and behaviours of customers inorder to create more effective online services and products that can attractcustomers.”/.
VNA
