The customer battleground for South-east Asia’s financial ecosystem has gone virtual, as innovative digital services drive competitiveness and outcomes for faster post-pandemic recovery.

The pandemic has permanently changed the way we engage with our financial services providers in South-east Asia.

As more consumers embrace emerging technologies and financial services organizations pivoting to respond faster to their needs, VMware has launched its Digital Frontiers 3.0 study which explores consumers’ behaviors, preferences and attitudes towards digital services and experiences in 2020 to help organizations better navigate the digital-first environment today.

Key statistics from the study show that:

  1. Digital experience has become a critical competitive differentiator with 63% of South-east Asian consumers now happy to engage with financial service providers digitally, with 85% of South-east Asian consumers embracing contactless payments
  2. Compared to the other surveyed countries (including the UK, the US, Germany and France), South-east Asia is taking the lead with 57% of consumers now preferring to engage with their banks via apps rather than visiting in-person at a branch
  3. Consumers are embracing emerging technologies with 70% expressing trust in AI and 41% willing to let an app help make their investment decisions over an individual that works for the bank
  4. Security and trust continue to be important, with 82% of respondents considering security the number one priority when choosing a financial services provider. 57% feel paranoid about their online activities being tracked and only 59% trust FSIs to protect their data  
  5. 84% of South-east Asian consumers are also expecting technology to advance financial inclusion within the next decade
  6. Only 44% are excited by current digital services, highlighting an opportunity to harness cutting-edge innovations to delight consumers

Check out the findings in infographic format now!

Check it out here