South-east Asian consumers prefer digital financial services: study (The Business Times)

South-east Asian consumers are blazing the way for digital financial services, as a recent study from VMware revealed that 57 per cent of consumers in the region prefer engaging with their banks via apps rather than in-person at a branch.

That is some percentage points higher than the interest shown in the UK (45 per cent), the US (42 per cent), Germany (34 per cent) and France (44 per cent).

Nonetheless, trust and privacy prove to be of utmost importance to respondents in the region, with 82 per cent considering security to be their top priority when choosing a financial services provider.

Therefore, financial ecosystems in the region will have to strive to create secure digital foundations while accelerating innovation, the report said.

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The Business Times

28 July 2021

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