Based on some proprietary data, one report has suggested 10 trends to watch …

In a report of consumer sentiments of the financial, insurance/investments and payments industry across 10 markets in the Asia Pacific region (APAC) citing “proprietary consumer surveys and a trends database [by a consumer trends agency]”, several key findings about respondents’ sentiments about the financial and payments sectors were offered.

First, 55% of respondents indicated perceived a looming risk of financial hardship over the next five years against a backdrop of economic uncertainty, slowing growth and widespread inflationary pressures.

Second, 45% of millennial respondents were looking to save up, an increase from 31% in a similar survey of 2020. Also, 77% of respondents aged 25–34 indicated using the internet for banking purposes on a weekly basis. Six out of 10 still preferred to interact with a human being when making a complaint about a product or service.

Thirdly, 60% of respondents of the selected 10 APAC markets polled (Australia, Japan, Indonesia, Singapore, Thailand, Malaysia, Vietnam, South Korea, China and India) expressed an interest in AI-driven decision-making facilitation for their investments.

According to Prerna Mehrotra, Chief Client Officer and CEO (Media), dentsu APAC, which commissioned the survey, respondents were “focused on securing their financial futures”, and they were turning to brands that not only provided convenience through cutting-edge technology but also prioritized emotional responsiveness and empathy. “In this era of uncertainty, financial wellness is seen as part and parcel of overall wellness,” he observed.

The survey report has suggested 10 needs/interests among the respondents, of the financial industry:

    1. Financial wellness
    2. Banks to be ESG and eco-sustainable
    3. Banks to be inclusive
    4. Banks to be humanized
    5. More purposeful, personalized, high-value reward/loyalty schemes
    6. New and better and more trustable payment methods
    7. Revolutions in the investments landscape
    8. A makeover of the credit landscape
    9. AI-powered insurance
    10. Reinvention of bank branches