As Asia Pacific continues to navigate through COVID and the rapidly changing environment it’s more important than ever to focus on the consumer. “ENGINE Voice” is a series designed to provide an understanding to complex challenges that businesses are facing in the current environment. A true view into how consumers across Asia Pacific are feeling about the future and their personal finances and banking. Explore the latest infographic here.
The overall consumer sentiment about the future is gradually improving, with consumers being cautiously optimistic about the future. 38% of consumers believe that their personal wellbeing (physical health) will improve in the future, and 27% believe their finances will improve in the next 12 months.
82% of consumers say they are concerned about their household financial position and identify it as a top priority to address in the coming year. Since the beginning of the pandemic, there have been varied responses as consumer saving and investing have become more important. 28% of consumers say that saving money is important to them, and 17% say they are investing more. Investing has grown in markets of greater affluence, most likely from a combination of the rising US stock market and the China economy back on track in terms of growth.
Consumers are also looking at buying a new/second-hand car as a mode of transportation to avoid the public transportation network. But when it comes to taking a holiday, 40% of consumers believe they will be traveling on a plane, and this number is higher for those willing to take a personal holiday.
The Future of Banking
Businesses need to change the way they operate and, to no surprise, become more digitally enabled as consumers look to avoid face to face interaction. Providing a core range of products and services is less focus area as individuals (40%) are looking for new solutions and products to rebuild their state of personal finances. 40% of consumers say that in order for banks to stay competitive and relevant after the pandemic, they need to focus on communications with customers.
Putting the customer at the heart of the digital experience is increasingly more important than market share. There are considerable pain points consumers are facing and ensuring customer ease of use and a positive onboarding experiences is a moment of truth. 23% of consumers say that the most important factor in terms of generating a positive digital experience is having web/mobile navigation that makes it easy to find what they are looking for. If the digital experience is positive, consumers are OK navigating themselves (across all ages), but if something does go wrong, consumers want to be able to easily access customer support.
Across the board it is clear that COVID-19 has changed consumers’ behaviours and needs, and it is more critical than ever to understand this to provide the services and products that consumers are looking for. Data and research are at the core of understanding your customers; how they engage and perceive your brand in context of the competitive landscape and how you can take advantage of in this new world. It’s more important than ever to consider key questions, like: Are you digitally ready for your customers compared to your competitors? Is your platform as easy to navigate as your competitors? Is this consistent across mobile and desktop?
ENGINE is here to help you tackle these questions and optimize the digital experience for your consumers. Contact us now!