Digital Banking and Tech Giants in Asia Pacific
- 85% and 81% of customers in metropolitan Mainland China and metropolitan India, respectively, are Progressive Pioneers who lead the demand for product and experience innovation in financial services.
- Trust in their personal digital-ecosystem suppliers is so high that many of these firms score higher than insurers and government pension funds.
- In India, Google just barely beat out banks as the most trusted company to act in their best financial interests. In Mainland China, Alibaba and WeChat are just slightly behind banks, and across all markets, insurers break into the top three in just two markets: Hong Kong and Malaysia.
- 77% of banking customers in Asia Pacific prefer digital channels, ranging from 69% in Indonesia to 79% in Thailand.
- 73% of customers across Asia Pacific believe they should be able to accomplish any financial task on a mobile device.
- There’s a wide range when it comes to consumers’ openness to switching to digital-only providers in the next 24 months, with 14% of Australian consumers compared to 59% of consumers based in metro India. But when combined with customers’ preference for digital channels and growing regulatory support, the writing is on the wall.
- Digital-only banks will gain ground on traditional banks in Asia Pacific in the next few years.
- A Healthy Portion Of Consumers Will Consider Switching To Digital-Only Banks Within The Next Two Years.
- Elsewhere in Asia Pacific, 40–60% of customers prefer digital engagement channels but often find insurer digital services lacking in basic areas, including the ability to view policies, premiums, savings totals, and rates of return.
- Between 60% (Hong Kong) to 86% (metro India) of consumers believe it is important that their agent uses digital tools to help them understand the best products that meet their needs.
- A poor digital experience is the reason between 10% (Indonesia) to 17% (metro India and Malaysia) of consumers cite for switching life insurers and between 18% (Hong Kong) to 63% (metro India) of consumers will consider switching to a digital-only insurer within the next two years.
Forrester found that many customers trust payment firms and technology giants over traditional financial services providers to help them better manage their finances.