Affluent Asians expect more from their banks according to new research.
In an increasingly competitive retail banking market, affluent middle class consumers in Asia expect greater recognition and reward for their loyalty according to a report by the Collinson Group. This expectation is particularly high in China (82 per cent), India (79 per cent) and Singapore (66 per cent) showing Asian banks score poorly.
“These consumers seek more personalised communications with less than half of consumers in Singapore feeling they receive a high level of personal service and only 35 per cent of consumers feeling that their bank knows and understands them,” said the research house.
Collinson Group interviewed 4400 affluent middle class consumers (within the top 10-15 per cent income bracket) in Singapore, China, India, Brazil, Italy, the UAE, the UK and the US. It reveals the changing attitudes and expectations of this group towards banks.
The research shows that while Singaporean consumers are the least satisfied with the service they receive from their banks of all the countries surveyed, they are also the least likely to switch providers, because they feel there is little to differentiate banks. This presents an opportunity for those retail banks which invest in recognising and rewarding customer loyalty.
Chris Rogers, director of market development with Collinson Group says banks are losing their position as a ‘one-stop shop’ for financial services, with savvy consumers choosing a range of financial service providers.
“Customers are increasingly looking elsewhere for additional services.”
Collinson Group research has previously highlighted how today’s affluent consumers place a higher priority on family, altruism and enriching experiences ahead of short-term satisfaction and this is reflected in their expectations of banks. Some 81 per cent of Chinese expect their banks to be ethical.