Asian consumers to rely on digital banking post-pandemic: Mambu

  • Identifies five consumer financial tribes post-pandemic 
  • 65% Asian consumers used of digital banking services last 18 months

Asian consumers to rely on digital banking post-pandemic: Mambu Three quarters (75%) of Asia Pacific 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.

In a statement, the fintech revealed that nearly two thirds (67%) 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, entitled "The financial tribes you need to know" released recently, Mambu 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“Traditional audience segmentation in financial services is outdated.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 include:


Recent converts to the world of digital banking who have adopted digital services amid physical branch closures, Mambu said.

This group is the largest tribe globally, accounting for a third (33%) of total respondents, and 37% of APAC respondents. This group is predominantly aged over 35 years, the survey indicated.

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% of respondents. Nearly half (49%) of this group globally are aged between 18 and 34, it said.

Convenience cravers

One-stop shoppers who want all-in-one services at their fingertips, at no extra cost, Mambu said. 

This group makes up 23 percent of global respondents and are predominantly middle-aged or older individuals — with more than half (55%) 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, the report highlighted, it said.


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%) aged under 35 years and a quarter (25%) 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, Mambu said.

The survey indicates that 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, it said.

It also highlights that APAC consumers were most likely of any region surveyed to have purchased neo assets like cryptocurrency during the pandemic (29%).

Kevin Pu, general manager Malaysia at Mambu, 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 cryptocurrency and other digital assets, with 38% of APAC consumers owning some kind of cryptocurrency, well above the global average of 31% ," he said.

“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,” said Danilkis.

For a full breakdown of the five tribes and regional analysis by country, download the report here.


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