Sustainability and ESG Credentials of Banks ‘Extremely Important' to Consumers in Bangkok

 

The climate and sustainability credentials of banking services have become a key priority for retail bank customers in Bangkok and surrounding areas, according to a new survey.

The study of local consumers was conducted by Capco, the global technology and management consultancy, as part of its new Asia-Pacific focused Bank of the Future report.

The percentage of respondents who identified sustainability credentials as 'extremely important' is significantly higher in Thailand (52%) than in two other key regional markets surveyed, Singapore (23%) and Hong Kong (27%).

These findings form part of Capco's larger survey of nearly 5000 consumers across five markets in the Asia-Pacific region – which also included the Greater Bay Area (ex-Hong Kong) and Malaysia – to gauge attitudes to banking services at a time of rapid change in the retail banking industry.

The Thailand element of the survey highlighted the importance of mobile banking – 85% of respondents access banking services using mobile apps – and a clear desire for more personalized banking services.

When asked how attractive they would find an app offering better visibility into all their financial products and providing personalized insights, 51% of respondents answered 'extremely attractive', a further 30% 'very attractive', and 15% 'somewhat attractive'.

Consumers in Thailand are also notably open to the idea of sharing personal data to unlock more personalized services and offers, compared to their counterparts in other markets.

Over half (51%) of respondents in Thailand responded 'yes, definitely' when asked about sharing data such as spending behaviors, social media profiles and wearables data. A further 30% of Thailand respondents are willing to consider it. As a comparison, only 17% in Singapore responded 'yes, definitely.

And in a worrying sign for traditional banks, the vast majority (92%) of Thailand respondents also said they would trust a 'Big Tech' firm to fulfil their banking services as much as or more than a bank, a finding was in line with the other markets Capco surveyed.

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