KUALA LUMPUR (Nov 12): Three quarters (75%) of Asia-Pacific (APAC) banking customers say they are likely to use digital banking more now than pre-pandemic, according to software as a service (SaaS) cloud banking platform Mambu.

In “The financial tribes you need to know” report released on Friday (Nov 12), Mambu, which has 10 offices spread over six continents, said that nearly two-thirds (65%) of APAC consumers made greater use of digital banking services over the last 18 months, and globally, two in every five people started using digital banking for the first time ever because of the Covid-19 pandemic.

The report, the latest in Mambu’s "Disruption Diaries" series, surveyed 4,500 consumers globally and identified five emerging financial "tribes" that banks need to know about in a post-pandemic world.

Mambu chief executive officer Eugene Danilkis said each tribe tells something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve.

“Traditional audience segmentation in financial services is outdated.

“The one-size-fits-all model, in which customers are divided based on how much they earn, or simple demographics, is redundant in a world of open finance and rich data,” he said.

The key consumer groups identified in the survey included "techcelerators, ethical bankers, convenience cravers, Covidpreneurs and neo-asset hoarders".

Mambu general manager for Malaysia Kevin Pu said it is vital that Malaysian banks and financial services are aware that the needs and wants of their customers have changed dramatically in the last 18 months.

“There’s now a much greater focus among APAC customers for ethical banking that has a social impact, with 74% of APAC respondents more likely to select a bank that puts purpose above profit.

“There is also a very strong push towards digital financial technologies like cryptocurrencies and other digital assets, with 38% of APAC consumers owning some kind of cryptocurrencies, well above the global average of  31%," he said.