New report from cloud banking platform Mambu identifies five consumer financial tribes post pandemic
Consumers that are only just discovering digital services make up a third of global banking customers
LONDON and AMSTERDAM, Nov. 11, 2021 /PRNewswire/ --Three quarters (75%) of global consumers are now more likely to use digital banking in the next few months than before the pandemic, according to a new report from SaaS cloud banking platform Mambu.
The Financial Tribes You Need to Know report reveals that nearly two thirds (61%) of consumers globally have made greater use of digital banking services over the last 18 months and two in five (41%) have started using digital banking services for the very first time because of the pandemic.
The report, which is the latest in Mambu's 'Disruption Diaries' series, surveyed 4,500 consumers globally and identifies five emerging financial "tribes'' that banks need to know about in a post-pandemic world. These key consumer groups include:
Techcelerators Recent converts to the world of digital banking who have adopted digital services amid physical branch closures. This group is the largest tribe globally, accounting for a third (33%) of total respondents, with more than half (57%) over the age of 35.
Ethical bankers Young, purpose-driven savers that want to make a positive impact in the world. This tribe is second largest globally, making up 31% of respondents, and nearly half (49%) are aged between 18 and 34.
Convenience cravers One-stop shoppers who want all-in-one services at their fingertips, and at no extra cost. This group makes up nearly a quarter (23%) of respondents globally and are predominantly middle-aged or older individuals — with more than half (55%) aged over 35.
Covidpreneurs Entrepreneurs who have set up their own business during the pandemic, in need of easy-to-use and reliable business banking services. Covidpreneurs are the youngest tribe globally, with almost two thirds (64%) aged under 35 and a quarter (25%) under 25.
Neo asset hoarders New asset owners who want to use financial services to buy, trade and hold assets. This group is the smallest, but a rapidly growing, tribe globally. Two thirds (66%) are male and over half (55%) are under the age of 35.
Eugene Danilkis, CEO at Mambu, said: "Each tribe tells us something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve. Traditional audience segmentation in financial services is outdated.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."
Tom Cheesewright, Applied Futurist, added: "The banking and finance industry, which is as "legacy" as industries come, has been shaken to its very core by the sudden and overwhelming demand for digital. The impact of global lockdowns propelled the world forward into its own digital future, suddenly achieving a shift in attitudes towards online banking, which had previously been predicted to take years. Banks whose plans for transformation were based on pre-COVID assumptions have been left behind by customers who have found new ways to manage their money during the pandemic, as illustrated by the "tribes" identified in the report. The pressure is now on for financial institutions to demonstrate they can deliver on ethics, efficiency, and innovation."
For a full breakdown of the five tribes and regional analysis by country, you can download The Financial Tribes You Need to Know report here.
About Mambu Mambu is the world's only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 800 employees that support 200 customers in over 65 countries - including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.