82% consider an app offering enhanced visibility into all their financial products and providing personalized insights as 'extremely' or 'very' attractive
The climate and sustainability credentials of banking services have become a key priority for retail bank customers in Bangkok and surrounding areas, according to a new survey of 890 local consumers conducted by Capco, the global technology and management consultancy, as part of its new Asia-Pacific focused Bank of the Future report.
The percentage of respondents who identified sustainability credentials as 'extremely important' is significantly higher in Thailand (52%) than in two other key regional markets surveyed, Singapore (23%) and Hong Kong (27%). These findings form part of Capco's larger survey of nearly 5000 consumers across five markets in the Asia-Pacific region - which also included the Greater Bay Area (ex-Hong Kong) and Malaysia - to gauge attitudes to banking services at a time of rapid change in the retail banking industry.
The Thailand element of the survey highlighted the importance of mobile banking - 85% of respondents access banking services using mobile apps - and a clear desire for more personalized banking services. When asked how attractive they would find an app offering better visibility into all their financial products and providing personalized insights, 51% of respondents answered 'extremely attractive', a further 30% 'very attractive', and 15% 'somewhat attractive'.
Consumers in Thailand are also notably open to the idea of sharing personal data to unlock more personalized services and offers, compared to their counterparts in other markets. Over half (51%) of respondents in Thailand responded 'yes, definitely' when asked about sharing data such as spending behaviors, social media profiles and wearables data. A further 30% of Thailand respondents are willing to consider it. As a comparison, only 17% in Singapore responded 'yes, definitely'.
Key themes to emerge from the Thailand survey include:
1. Consumers are willing to share social media data - Information from social media profiles is the number one type of data that Thailand respondents would share (50%), followed by data from fitness and health tests (49%), location services (47%) and other data types. This contrasts with most other markets Capco surveyed - respondents in Malaysia, for example, were more likely to share data from location services (47%), life events (46%), fitness and health tests (41%) and other data sources than they were social media data (32%).
2. A high level of trust in 'Big Tech' - The vast majority (92%) of Thailand respondents say they would trust a 'Big Tech' firm to fulfil their banking services as much as or more than a bank. This finding was in line with the other markets Capco surveyed.
3. An increase in online banking confidence - In the wake of COVID lockdowns and other restrictions, our survey found that a large majority (88%) of Thailand respondents reported increased confidence in mobile and digital banking services over the last two years. However, almost the same percentage (89%) say they want a better online experience from their banking provider.
Chulayuth Lochotinan, Partner and Head of Capco Thailand, said: "Thailand has come a long way from a country that only a few years ago relied heavily on cash and bank branches. Our survey highlights the rising popularity of mobile banking apps and reveals a strong propensity for consumers in Thailand to share their data in exchange for more individually tailored services. Furthermore, the survey shows consumer demand for a better online experience, as well as an appetite for all-in-one digital apps - in line with the rise of super apps in Thailand.
"With the introduction of virtual banking licenses on the horizon, banks will need to brace themselves for likely competition from tech companies that are looking to disrupt the existing customer experience through enhanced engagement. In particular, they will need to orchestrate internal technologies to ensure effective integration between their legacy systems and new technologies and innovations that enable real-time personalization."
James Arnett, APAC Managing Partner at Capco, said: "Retail banking services across Asia-Pacific are undergoing a seismic transformation. Digital-savvy, mobile-oriented consumers are playing a key role in reshaping banks' priorities and the wider banking ecosystem. New technologies are granting consumers unprecedented freedom to pick and choose how they engage with their bank(s), access more personalized services, and see a more complete single view of all their finances. As incumbent banks and their competitors aim to support consumers' personal and lifestyle ambitions, our survey findings throw new light on the priorities that will define the Bank of the Future."
Survey Methodology
The survey was conducted online during September and October 2022 and collected responses from a total of 4889 respondents in five Asia-Pacific markets. Individual samples sizes - Hong Kong: 707; Greater Bay Area (ex-Hong Kong): 1293; Singapore: 1000; 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
About Capco
Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco's cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn and Instagram.
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