Singapore – Almost 60% of consumers in the Asia-Pacific have expressed interest in AI-driven decision-making facilitation for their investments amid economic uncertainty and perceived financial crises, a report from dentsu revealed.
The report by dentsu explored the evolving consumer financial behaviour across APAC markets against the backdrop of an economic crisis.
The key findings of dentsu’s report showed that 55% of APAC consumers now sense a looming risk of financial hardship over the next five years due to economic uncertainty and rising costs of living. The perceived financial crisis is also driving consumers to actively seek financial service providers that are capable of delivering swift, personalised, and empathetic solutions to address their financial needs.
The report highlighted that almost 45% of millennials are now looking to save up as concerns over government debt and pension support are escalating, a significant shift in numbers as compared to the 31% results from 2020.
And with consumers looking to prepare for challenging economic times, many are still leaning towards human-led financial services despite the growth of digital banking.
The report revealed that 77% of people ages 25–34 currently use the internet for banking purposes on a weekly basis, and most are open to purchasing more banking services through digital channels.
However, 6 out of 10 APAC consumers still prefer human interaction when making complaints about a product or service. This shows that there is an enduring value to human-led financial services despite the rise of digital banking, as empathetic support remains important in ensuring customers receive assistance during financial difficulties.
It is worth noting, however, that dentsu’s report also revealed a growing interest in AI-powered financial services. Almost 60% of APAC consumers have expressed interest in AI-driven decision-making facilitation for their investments.
This part of the results shows that balancing technological advancement with human empathy can be the key to a business’ success. By harnessing the evolving capabilities of AI, it can improve the capabilities of insurance and finance brands to provide automated, personalised, and speedy services that can help consumers be more resilient to financial and climate-related risks.
Prerna Mehrotra, chief client officer and CEO of media at dentsu APAC, said, “Across the APAC region, consumers are focused on securing their financial futures, and they’re turning to brands that not only provide convenience through cutting-edge technology but also prioritise emotional responsiveness and empathy. In this era of uncertainty, financial wellness is seen as part and parcel of overall wellness. People are in search of providers that go beyond merely offering financial solutions; banks, insurers, and fintech are responding by building guidance on investments and good financial habits into their offerings.”
