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Singapore Retail Banking Consumer Profiles

The Singapore retail banking consumer profiles report which is part of a series of Singapore content including country analysis and competitor benchmarking looks at five different customer personas in Singapore. It explores their financial goals, unmet needs, and banking preferences, while providing actionable steps for financial providers to take to achieve high levels of retention and to cross-sell effectively and accordingly.

What are the key consumer profiles in the retail banking market in Germany?

The key consumer profiles in the retail banking market in Germany are gen Z – the traditional gen Z customer, gen Z – the money manager, millennial- the affluent investor, millennial – supporting a new parent with reduced income, and baby boomer – the retirement planner.

Gen Z – the traditional gen Z customer

The life goals of the traditional gen Z customer are security during retirement, building up their savings, and seeking life protection products that are best suited to her needs.  There is more focus on saving for the future, than living well now, and the top life goals reflect this.

Platform navigation, clearer financial understanding, and simple digital banking tasks are the top three improvement areas for the traditional gen Z customer with digital banking. While the consumer would find it easier digitally with these improvements, also has a strong preference for using a branch for many activities. Frequent banking tasks are typically conducted via mobile, as is reviewing finances. However, given that the traditional gen Z customer’s digital improvement suggests demand for financial clarity digitally, the provider needs to revise the interface so that Lien feels comfortable carrying out these activities in this way.

Gen Z – the money manager

The money manager’s top life goal is managing finances better, followed by building up savings. The life events show that the consumer is career-focused and is more concerned with how to manage the finances better with the accounts that the money manager holds with the primary provider.

The money manager can be considered as tech savvy. Along with frequent mobile and online visitation, the consumer uses IM and chatbots, with all preferred over branch and telephony services. Advanced budgeting tools are within the top two reasons there is a preference of alternative providers

Millennial – the affluent investor

The millennial affluent investor’s top three life goals are security during retirement, building up savings, and seeking life protection products. In addition, the primary goals are family-orientated and career focused. Therefore, the customer’s provider has key clear areas where it can meet the needs and add value to financial journey during life change.

The millennial affluent investor has a strong preference for mobile and online banking and is less likely to use branch and telephony. There is a similar trend across all profiles, whereby IM and chatbots are used more frequently than branch and telephony.

Millennial – supporting a new parent with reduced income

Millennial supporting a new parent with reduced income sees low cost and premium quality as equal importance, in contrast to the four other profiles shown that prioritize higher returns much more, thus showing a clear link between her life stage and financial goals. The consumer uses online channels the most and is less likely to use branch and telephony channels. Given that platform navigation is one of the top areas for digital improvement from the provider, the consumer may not feel as comfortable using mobile banking as frequently given that the time is now consumed by the new family.

Baby boomer – the retirement planner

The retirement planner’s top life goal is security during retirement, followed by life protections and building up savings.

Areas around digital improvement show three areas for development around simplicity. First, the preference for traditional providers means that the branch presence that may have once existed for the consumer has likely been reduced through branch closures. Thus, the provider has not been able to meet the customer’s needs around simpler platform navigation, resolving problems, and providing simpler access to his account digitally.

What are the preferred channels for retail banking consumers in Singapore?

The preferred channels for retail banking consumers in Singapore are branch, telephony, online, mobile, IM, chatbot, and video chat.

Singapore retail banking market, by preferred channels

Singapore retail banking market, by preferred channels

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Market report scope

Key consumer profiles Gen Z – The Traditional Gen Z Customer, Gen Z – The Money Manager, Millennial- The Affluent Investor, Millennial – Supporting A New Parent with Reduced Income, and Baby Boomer – The Retirement Planner
Key channels Branch, Telephony, Online, Mobile, IM, Chatbot, and Video Chat

Scope

The findings from each profile differ based on the clustering, which changes based on the age demographic and life stage. As an example, the key report findings for Profile 1 [Lien, aged 24] are as follows –

  • Generation Z is the next big customer base for all retail banking providers to target. Lien, the youngest customer profiled, prefers traditional providers but is a digital channel user showing tech-savvy behaviors and is a frequent user of chatbots and instant messaging features.
  • Across the Singaporean market, we found that Gen Z customers are very forward-looking and are focused on saving and planning for the future. Furthermore, while we see this generation of consumers acting more sustainably and taking an interest in ethical issues worldwide, customers like Lien don’t necessarily want ESG matters linked within their financial life or as part of a rewards scheme. Lien is the least concerned about ESG rewards and has a high preference for higher returns (60%).
  • While she is a heavy mobile banking channel user, she also likes the branch. Another key trend among Gen Z customers is wanting to talk to a representative in a branch regarding more complex financial tasks and situations. Therefore, as part of the report’s actionable steps for Lien’s primary provider, her bank should work towards a strategy that combines multiple channels to create a better user experience.

Reasons to Buy

  • Identify five customer propositions using cluster sampling based on the main retail banking products: deposits, credit cards, personal loans, and home loans.
  • Discover consumer perceptions of digital banking and their preferred financial service providers.
  • Reveal the banking features and attributes consumers are most willing to pay.
  • Identify customer life events while looking at specific customer life goals, such as retirement security.

Table of Contents

Table of Contents

Rationale for Clusters

Singapore Consumer Profiles

Gen Z – Lien: The traditional Gen Z customer

Gen Z – Calvin: The money manager

Millennial – Timothy: The affluent investor

Millennial – Fann Supporting a new parent with reduced income

Baby Boomer – Edwin: The retirement planner

Appendix

Frequently Asked Questions

The preferred channels for retail banking consumers in Singapore are branch, telephony, online, mobile, IM, chatbot, and video chat.

Gen Z – the traditional gen Z customer, gen Z – the money manager, millennial – the affluent investor, millennial – supporting a new parent with reduced income, and baby boomer – the retirement planner are the key consumer profiles in the Singaporean retail banking market.

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