Life After COVID-19: Consumer Finances and Banking

Introducing “ENGINE Voice” – a series focused on understanding the complex challenges that businesses are facing in the current environment and how consumers across Asia Pacific are feeling about the future, their personal finances and banking.

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Survey conducted January 16-29, 2021, in Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, Singapore, Thailand & Taiwan. Sample includes 100 adults for every market that is demographically representative for Gender, Age and Income.

If you are interested in finding out what these insights mean for your business contact us at info-apac@enginegroup.com.

“ENGINE Voice” – Consumer Finances and Banking

Overall Sentiment

The overall sentiment on the future is gradually improving, with consumers being cautiously optimistic about the future.

  • Percent of consumers that agree with the following statements about the future:
    • 34% I believe that my work life will improve
    • 35% I believe that my mental health will improve
    • 38% I believe that my personal wellbeing (physical health) will improve
    • 37% I believe my finances will improve in the next 12 months

Personal Finances During COVID-19

82% of consumers say they are concerned about their household financial position, and that it is a top priority for them to address in the coming year.

  • How important to you are the following:
    • 28% Saving money
    • 24% Reducing expenses
    • 17% Investing
    • 7% Borrowing more/taking a loan
    • 3% Investing less

Banking After COVID-19

Businesses will need to change the way they operate and, to no surprise, become more digitally enabled as consumers remain concerned about face-to-face interactions.

  • What do you think banks will need to do to stay competitive and relevant after the pandemic?
    • Become more digital/accessible remotely: 52%
    • Provide greater pricing options/flexibility: 46%
    • Focus on being more socially responsible: 42%
    • Reduce pricing: 40%
    • Offer new products and services: 40%
    • Focus on communications with customers: 40%
  • What bank would you recommend (across Asia Pacific)?
    • 10% Citi
    • 12% HSBC
    • 9% STC
    • 8% DBS
    • 11% CIMB
  • By Region
    • Australia
      • CBA 28%
      • ANZ 22%
      • Westpac 21%
      • NAB 16%
      • HSBC 6%
      • Citi 5%
    • Singapore
      • POSB 59%
      • DBS 49%
      • UOB 32%
      • SCB 23%
      • Citi 12%
      • HSBC 8%
    • Hong Kong
      • HSBC 53%
      • HASE 34%
      • BOC 27%
      • Citi 23%
      • SCB 23%
      • DBS 18%
      • BEA 14%
    • Taiwan
      • Cathay 33%
      • China Trust 32%
      • Taishin 31%
      • Fubon 24%
      • Citi 15%
      • HSBC 11%
      • SCB 11%
  • When you engage with digital channels (i.e., websites, apps, etc.) what are the most important factors for you in terms of generating a positive digital experience?
    • 23% Navigation that is easy to find what I am looking for
    • 13% Clarity of offering on the site
    • 15% Accessibility/functionality across mobile/web
    • 8% Connectivity to customer support
    • 19% Speed to complete transactions
    • 11% Look and feel