73% of Indians believe that switching to a digital-only financial provider and consumers in Asian-pacific areas will be of help. Since Asia-pacific regions are one of the most advanced digital engagement financial services, people believe that we can complete any commercial task from our mobile device. You may already know that consumers like to interact with the financial service providers on various digital channels, particularly in mobile-first markets like China, Thailand, India, and Indonesia.
The Vice President and Research Director plus Region Manager of the market research firm Forrester Research said, “Consumers are more likely to engage with firms that prioritize helping them improve their financial well-being,” Dane Anderson also added,
“We expect that customers will dynamically deconstruct their personal financial services ecosystems and reassemble them with newer and better players. Traditional institutions have several advantages but will be left behind if they do not transform faster to meet the challenge.”
As per the information available on the market research firm, they believe that many customers trust payment firms and technology firms over their traditional financial service providers and that help them in better business management. Similarly, worldwide e-commerce or payment providers along with technology giants and ride-sharing leaders are weakening the market firms by offering more advanced, simple, and convenient experience. Just like banks create trust in consumers and act accordingly to avail their best interest and financial well-being, digital firms also apply the same technique.
In India, Google even beats the banks in terms of the trusted company who acts and provides best financial interest. And in China, there are Alibaba and WeChat who are undoubtedly behind the banks, yet they are also the trusted insurance breaker in the market across all countries, especially into the top three countries. However, Hong Kong and Malaysia are not on the list.