Three quarters (75 per cent) of global consumers are now more likely to use digital banking in the next few months than before the pandemic, research has found.
Cloud banking platform Mambu’s ‘Financial Tribes You Need to Know’ report, which surveyed 4,500 consumers globally, has revealed that nearly two thirds (61 per cent) have made greater use of digital banking services over the past 18 months.
Two in five (41 per cent) have started using digital banking services for the first time because of the pandemic.
The report identified five emerging financial “tribes” that banks need to know about in a post-Covid world.
These include recent converts to digital banking (33 per cent), ethical bankers (31 per cent) and shoppers who want all of the services in one (23 per cent).
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In addition, it categorised entrepreneurs who have set up their own business during the pandemic, which is the youngest tribe globally, with almost two thirds (64 per cent) aged under 35 and a quarter aged under 25.
Furthermore, new asset owners who want to use financial services to buy, trade and hold assets, is the smallest group but a rapidly growing one, with 55 per cent under 35 years old.
“Each tribe tells us something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve,” said Eugene Danilkis, chief executive at Mambu.
“Traditional audience segmentation in financial services is outdated. The one-size-fits-all model, in which customers are divided based on how much they earn, or simple demographics, is redundant in a world of open finance and rich data.
“If banks want to thrive in the future, they must think about how to affiliate themselves with the dynamically changing groups within society and appeal to them with products and experiences that meet their shared values and financial needs.
“Globally, we have over 50 million end users on our Mambu platform which demonstrates the growing demand for new and digitally-enabled financial products.”