UOB (Thai) decodes the banking needs of Thailand’s booming digital generation
Insights feed into TMRW - the first Digital Bank for ASEAN’s millennials
UOB bank
Insights feed into TMRW - the first Digital Bank for ASEAN’s millennials
The growing base of millennials [1] in Thailand expect intuitive, effortless and engaging digital experiences when they bank, according to research conducted [2] by the United Overseas Bank (Thai) (UOB Thai). UOB released the findings following its announcement that consumers in Thailand would be the first to experience TMRW, its mobile-only digital bank built for ASEAN’s digital generation.
The majority of respondents said they expect their bank to be intuitive when it comes to offering services. For instance, when opening a new account, millennials want the experience to be as simple as uploading a photo ID-card and as few online forms to fill out as possible.
One in two respondents also want their digital banking experience to be fun and engaging. Almost
half (48 per cent) said they would welcome proactive intelligence from their bank to help them stay informed about spending limits and payment due dates.
Effortless and engaging saving plans
The UOB survey also found that Thai millennials are yearning for a smart and simple way to help them monitor their spending habits and to cut expenses considering that almost one in two (45 per cent) respondents spend more than they earn each month. They also shared that none of the current digital services available enables them to keep track of their savings and expenses easily, precisely and in real time. Hence, TMRW – built just for this generation.
While almost half of the respondents said they spent more than they earned, the remaining respondents said they were able to save money each month. When asked about how they may be able to save more, Thai millennials say that a fun, gamified online piggy bank that offers rewards for when targets are met and achievements are unlocked could encourage better savings behaviour.
Personalised and insightful digital services
In Thailand, the number of new credit cards issued each year is an average of 2.2 million, of which more than 50 per cent are opened by millennials [3]. UOB’s study revealed that millennials want greater control in managing their credit card usage, such being able to set spending limits, to choose their cash back rewards and to select their other reward offers based on their lifestyles. They also want information that can prompt them to spend or to save more wisely.
Almost half of those surveyed (48 per cent) said they make late payments as they sometimes forget to pay their bills and incur fines. They believe an in-app payment reminder would help them to make payments on time.
Mr Yuttachai Teyarachakul, Managing Director, Country Head of Personal Financial Services, UOB (Thai), said “At UOB, all our efforts have always been for our customers and what is best for them. The findings of the study present many opportunities for us to continue to address the preferences and unmet banking needs of Thai millennials. We have distilled these insights to create an experience right for the needs of the digital generation.”
[1] Refers to those born between 1981 and 2000
[2] More than 1,000 Thai millennials participated in a focus group and an online survey which was conducted in October 2017.
[3] Source: National Credit Bureau (2017-2018)
18 February 2019
For media queries, please contact
Yada Srisammasheep
Strategic Communications and Customer Advocacy
Email : Yada.sri@uob.co.th
Tel: +66(0)2343 4965; Mobile: +66(0)84640 0058