75 Percent of APAC Consumers likely to Rely on Digital Banking Post-Pandemic

Three quarters (75 percent) of APAC banking customers say they are likely to use digital banking more now than pre-pandemic, according to a new report from SaaS cloud banking platform Mambu.

The financial tribes you need to know report reveals that nearly two thirds (65 percent) 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 pandemic.

The report, which is 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.

Eugene Danilkis, CEO at Mambu, said: “Each tribe tells us 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 Traditional audience segmentation in financial services is outdated.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.”

The key consumer groups identified in the survey include:


Recent converts to the world of digital banking who have adopted digital services amid physical branch closures. This group is the largest tribe globally, accounting for a third (33 percent) of total respondents, and 37 percent of APAC respondents. This group is predominantly aged over 35 years.

Ethical bankers

Young, purpose-driven savers that want to make a positive impact in the world. This tribe is second largest globally, making up 31 percent of respondents. Nearly half (49 percent) of this group globally are aged between 18 and 34.

Convenience cravers

One-stop shoppers who want all-in-one services at their fingertips, at no extra cost. This group makes up 23 percent of global respondents and are predominantly middle-aged or older individuals — with more than half (55 percent) aged over 35. This group is least likely to pay a premium for services that save time or offer flexibility, expecting a best-in-class customer experience as standard.


Entrepreneurs who have set up their own business during the pandemic, in need of easy-to-use and reliable business banking services. Covidpreneurs are the youngest tribe globally, with almost two thirds (64 percent) aged under 35 years and a quarter (25 percent) under 25 years.

Neo asset hoarders

New asset owners who want to use financial services to buy, trade and hold assets. This group is the smallest, but rapidly growing tribe globally. Two thirds (66%) are male and over half are under the age of 35. This group is most likely to own neo assets, including cryptocurrency and NFTs and most likely to agree the ability to buy, sell or manage neo assets is important in a bank. APAC consumers were most likely of any region surveyed to have purchased neo assets like cryptocurrency during the pandemic (29 percent).

Kevin Pu, General Manager Malaysia at Mambu, said: “It’s 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 percent 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 cryptocurrency and other digital assets, with 38 percent of APAC consumers owning some kind of cryptocurrency, well above the global average of  31 percent.”

Added Danilkis: “If banks want to thrive in the future, they must think about how to affiliate themselves with the dynamically changing groups within society and appeal to them with products and experiences that meet their shared values and financial needs. Globally, we have over 50 million end users on our Mambu platform which demonstrates the growing demand for new and digitally-enabled financial products.”

Tom Cheesewright, Applied Futurist, added: “The banking and finance industry, which is as “legacy” as industries come, has been shaken to its very core by the sudden and overwhelming demand for digital. The impact of global lockdowns propelled the world forward into its own digital future, suddenly achieving a shift in attitudes towards online banking, which had previously been predicted to take years. Banks whose plans for transformation were based on pre-COVID assumptions have been left behind by customers who have found new ways to manage their money during the pandemic, as illustrated by the ‘tribes’ identified in the report. The pressure is now on for financial institutions to demonstrate they can deliver on ethics, efficiency, and innovation.”

For a full breakdown of the five tribes and regional analysis by country, you can download The financial tribes you need to know report here.

12 November 2021

Author: Terry KS

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