Filipinos are interested in saving and investing With 50% of Filipinos considering signing up for a savings account in the coming year,4 brands have an opportunity to provide digital industry list finance products that cater to people’s financial needs. Day-to-day online banking activities are especially popular across the board, with 7 in 10 Filipinos accessing e-wallets weekly.5 The more financially savvy members of the banked population are exploring riskier complex industry list investments to grow their wealth.65 in 10 Filipinos are considering signing up for a savings account in the coming year Think with Google Source
Investigating the 3 key banking segments, n=1144, March–April, 2021. Share Deep dive: Behaviors unique to the banked, underbanked, and unbanked Although industry list there is an overall shift to digital finance in the Philippines, it plays out differently among the various banking segments. To cater to your audience, it helps if you understand their key motivations and behaviors. The unbanked need help getting started with digital finance on mobile The unbanked comprise 71% of the Philippines’ adult population, and many of them are accessing digital finance services for the first time through their phones. Brands have an opportunity to meaningfully reach this new generation of customers if they understand their needs and build a relationship with them early on. Financial behavior traits industry list of Filipinos in the unbanked segment Financial consumer behavior of Filipinos in the unbanked segment.
Use e-wallets with easy sign-up, likely to sign up for digital services via apps, influenced by ads and social media, and research with one brand in mind instead industry list of comparing optionsTake, for instance, how 78% of the unbanked use a simple e-wallet.7 It’s easy for them to sign up for this digital service via a mobile app,8 and they don’t have to submit many personal documents or maintain a minimum balance. Brands, by showcasing the versatility of e-wallets, such industry list as the fuss-free money transfers it enables, and by promoting its frequent use in everyday transactions, can help the unbanked feel confident about exploring other financial products.