Global report finds Thai consumers value social impact and seek digital banking solutions

Kiattipong Hanthaiphondee, General Manager Thailand at Mambu
Kiattipong Hanthaiphondee, General Manager Thailand at Mambu


93 percent of Thai banking customers say that the availability of online or digital services through their bank is important, according to a new report from SaaS cloud banking platform Mambu.

The financial tribes you need to know report reveals that while nearly two thirds (61 percent) of consumers globally have made greater use of digital banking services over the last 18 months, in Thailand this figure is even higher at 73 percent. More than half of Thai respondents (53 percent) started using digital banking services for the very first time during the pandemic.

Kiattipong Hanthaiphondee, General Manager Thailand at Mambu, said: “We know that Thailand is a frontrunner in terms of digital adoption in financial services, and these survey results validate that belief. Thailand respondents were the most likely to hold Thai Baht Central Bank Digital Currency (CBDC); which BOT will release in mid of 2022, cryptocurrency and the most likely to use it to pay for goods and services out of all of the countries surveyed. And the vast majority – 93 percent – believe that digital and online banking services are an important offering from their bank. It was also very interesting to note that four in five Thai respondents (79 percent) said that social impact is important when making an investment, and 72 percent are willing to pay a premium for financial services if it goes towards helping the environment or local communities. So while Thai consumers identified predominantly as ‘Techcelerators’, they are also heavily skewed towards ethical banking practices and have a keen interest in neo assets.”

The report, which is the latest in Mambu’s ‘Disruption Diaries’ series, surveyed 4,500 consumers globally (including 502 Thai consumers) and identified five emerging financial ‘tribes’ that banks need to know about in a post-pandemic world.

The key consumer groups identified in the survey include:



Recent converts to the world of digital banking who have adopted digital services amid physical branch closures. This group is the largest tribe globally, accounting for a third (33 percent) of total respondents, and 41 percent of Thai respondents. This group is predominantly aged over 35 years.


Ethical bankers

Young, purpose-driven savers that want to make a positive impact in the world. This tribe is second largest globally, making up 31 percent of respondents, however only 19 percent of Thai respondents identify with this group. This is despite 79 percent of Thai respondents stating that social impact is important to them when it comes to financial services – the highest of any nation – and 76 percent more likely to use a bank that puts purpose over profits. Nearly half (49 percent) of this group globally are aged between 18 and 34.


Convenience cravers

One-stop shoppers who want all-in-one services at their fingertips, at no extra cost. This group makes up 16 percent of Thai respondents (23 percent globally) and are predominantly middle-aged or older individuals — with more than half (55 percent) aged over 35. This group is least likely to pay a premium for services that save time or offer flexibility, expecting a best-in-class customer experience as standard.



Entrepreneurs who have set up their own business during the pandemic, in need of easy-to-use and reliable business banking services. Covidpreneurs are the youngest tribe globally, with almost two thirds (64 percent) aged under 35 years and a quarter (25 percent) under 25 years. 83 percent of Thai respondents said that the availability of SME banking services through their banking provider is important, higher than any other country surveyed.


Neo asset hoarders

New asset owners who want to use financial services to buy, trade and hold assets. This group is the smallest, but rapidly growing tribe globally. Two thirds (66%) are male and over half are under the age of 35. This group is most likely to own neo assets, including cryptocurrency and NFTs and most likely to agree the ability to buy, sell or manage neo assets is important in a bank. Thai respondents were most likely of any country surveyed to own cryptocurrency, at 53 percent.

Eugene Danilkis, CEO at Mambu, said: “Each tribe tells us something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve. Traditional audience segmentation in financial services is outdated. The one-size-fits-all model, in which customers are divided based on how much they earn, or simple demographics, is redundant in a world of open finance and rich data. If banks want to thrive in the future, they must think about how to affiliate themselves with the dynamically changing groups within society and appeal to them with products and experiences that meet their shared values and financial needs. Globally we have over 50 million end users on our Mambu platform which demonstrates the growing demand for new and digitally-enabled financial products.” 

Tom Cheesewright, Applied Futurist, added: “The banking and finance industry, which is as “legacy” as industries come, has been shaken to its very core by the sudden and overwhelming demand for digital. The impact of global lockdowns propelled the world forward into its own digital future, suddenly achieving a shift in attitudes towards online banking, which had previously been predicted to take years. Banks whose plans for transformation were based on pre-COVID assumptions have been left behind by customers who have found new ways to manage their money during the pandemic, as illustrated by the ‘tribes’ identified in the report. The pressure is now on for financial institutions to demonstrate they can deliver on ethics, efficiency, and innovation.”


For a full breakdown of the five tribes and regional analysis by country, you can download The financial tribes you need to know report here.