The new breed of consumer tribes in financial services- The Asian Banker

The new breed of consumer tribes in financial services- The Asian Banker

The pandemic has changed the way people think and feel about their finances. Here are the emerging consumer tribes that banks in Asia Pacific need to know about.

The pandemic has undoubtedly changed the world in ways that we are yet to understand. It has changed our society, economics, health and politics – and everything in between. Consumer behaviour, too, has changed, particularly in the way that people think about how they manage, spend and save their money, with a much greater focus on individual choice and control.

To find out how consumer behaviour is changing as we emerge from the pandemic, Mambu surveyed 4,500 consumers – 1,005 of whom reside in Asia Pacific – and identified five emerging financial tribes. Each tribe tells us something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve. What we can see from this report is that traditional audience segmentation in financial services is outdated. Identifying customers based on how much they earn, or simple demographics, has become redundant in a world of open finance and rich data.

This research can help banks identify emerging traits within their customer base that can foster greater consumer engagement as we move forward post-pandemic.

The key consumer groups identified in the survey were:


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 33% of total respondents, and 37% 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 the second largest globally, making up 31% of respondents, and 27% of APAC respondents. Nearly half (49%) 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% 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. Among APAC respondents, 20% identified as Convenience cravers.


Entrepreneurs who have set up their own business during the pandemic, in need of easy-to-use and reliable business banking services. Covidpreneurs – make up 7% of global respondents.  They are the youngest tribe globally, with almost two thirds (64%) aged under 35 years and a quarter (25%) under 25 years.

Neo asset hoarders

They are new asset owners who want to use financial services to buy, trade and hold assets. This group is the smallest, but is a 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 that 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%).

The research also tells us that APAC consumers prefer to invest rather than spend their money (71%), and nearly three quarters (74%) tend to stick to a budget. And yet, while APAC consumers are level-headed and risk averse in this sense, consumers in our region are the most likely of any region to own cryptocurrency (38%), so clearly APAC consumers have an understanding of new technologies and the possibilities they open up.

Another very interesting finding was that 74% of APAC consumers would choose a bank that puts purpose over profit, highlighting the overriding social and ethical conscience of the region.

Banks need to consider all of these factors when planning their future customer engagement strategies.



This is a sponsored article and does not necessarily reflect the opinion of the publisher.

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.

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by : on 2021-11-23 10:02:00

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