The Opportunity

Consumers in Australia, Hong Kong and Singapore have proven that they still regularly visit their bank’s physical branch, but is this because they want to or because they have to? Based on our findings, banking in the branch is primarily used for deposits, banking cheques and opening an account. Many banks do not have the technical capabilities to provide a complete online-only banking experience. The digital experience that banks offer needs to evolve to provide customers with alternatives to a physical branch to conduct what they perceive as routine transactions.

Embedded Finance

Almost half of the consumers in Australia and Hong Kong use some form of embedded finance, namely Buy Now Pay Later. Similarly, over half of the consumers in Singapore have used a form of embedded finance, most notably to purchase insurance products. 

The Opportunity

The use of embedded finance products is skyrocketing with almost half of the consumers in Australia, Hong Kong and Singapore using it in some form. Banks need to figure out how to leverage the information they have about their consumers and, in turn, extend relevant, seamless credit offerings and other embedded services. The regulated nature of banks should lend itself to instilling customer confidence in the use of those products.

Digital Banking

Of consumers surveyed in Australia, Hong Kong and Singapore:

The Opportunity

As customers have shown for multiple years in a row, they continue to utilize an in-person banking experience through their local branch. However, with mobile banking on the rise, many consumers now crave a user-friendly, at-home banking experience. In fact, customers are choosing to bank online more than ever, again reinforcing the notion that banks need to provide full parity between their digital and in-person offerings.