When it comes to digital engagement with financial services, consumers in Asia-Pacific can be counted as advanced. The Forrester Analytics Consumer Technographics Asia Pacific Financial Services Survey noted that 73% of consumers believe they should be able to accomplish any financial task on a mobile device.
In places like Australia, China, India, Thailand and Indonesia, about 77% of banking and insurance consumers already prefer digital channels when it comes to interacting with their financial services providers.
In tech we trust
Forrester noted that many customers trust payment firms and technology firms over traditional financial services providers to help them better manage their finances.
Global technology giants, payment providers, eCommerce players, and even ride-sharing leaders are already threatening established firms by offering simple, convenient, and more personalised digital experiences.
While banks lead in consumers’ trust to act in the best interest of their financial well-being, a surprising cast of digital characters is not far behind. In India, Google beat out banks as the most trusted company to act in their best financial interests.
In Mainland China, Alibaba and WeChat are slightly behind banks, and across all regions, insurers break into the top three in just two regions: Hong Kong and Malaysia.
“Consumers are more likely to engage with firms that prioritize helping them improve their financial well-being,” said Dane Anderson, vice president and research director and region manager, Forrester.
“We expect that customers will dynamically deconstruct their personal financial services ecosystems and reassemble them with newer and better players. Traditional institutions have several advantages but will be left behind if they do not transform faster to meet the challenge.”