Tag: Report

Singapore – Adoption and usage of digital banking and payment channels showed an encouraging trajectory among ASEAN consumers based on the latest study conducted by UOB.

The latest study revealed that 55% of respondents had increased usage of their mobile banking app over the past year, with Internet banking via a web browser coming in second at 35%. This shows that ASEAN consumers are increasingly banking on their mobiles to serve their financial needs. 

The study also shows that ASEAN consumers are now more receptive to technologies like consolidated platforms for their financial data. The consolidated financial data platforms clocked a 20% increase in usage region-wide, with Thailand and Vietnam having the most enthusiastic adopters across the region. 

Another notable piece of data worth pointing out is that bank branches saw a 17% rise in usage region-wide, indicating that consumers still valued face-to-face interaction as a complement to the multitude of digital channels available. More than half of Singaporeans prefer to use digital platforms for simple services such as applying for credit and debit cards but still prefer offline or a combination of channels for complex, high-value transactions. 

In the payments space, ASEAN consumers have shown themselves to be savvy adopters of the latest technologies. E-wallets and QR code-based payments topped regional payment modes, with 56% of respondents using them in the past year. E-commerce payment platforms come in second at 49%, and mobile wallet credit or debit cards come in third at 48%. However, the latter is the payment mode that consumers are most interested in trying out, with 22% expressing a desire to do so in the next year.

In Singapore, physical credit and debit cards topped the preferred payment mode list at 62%, showing that consumers still preferred to pay via bank platforms rather than third-party ones. Mobile wallet credit and debit cards and peer-to-peer payment services both ranked second at 50%.

The latest study also found that a significant majority of ASEAN consumers are open to sharing their financial data with banks and are in favour of their information being used to curate products and services personalised to their needs and wants.

Over 70% of respondents find it comfortable sharing financial data to be consolidated by banks on one platform, with 83% preferring to do so via banking apps versus other app service providers like e-commerce or shopping apps and multi-service apps.

Furthermore, of these respondents, more than 90% expressed a preference for receiving personalised product and service offerings in their banking apps. The strong demand for personalisation is also consistent across all age groups, income levels, and genders surveyed.

Jacquelyn Tan, head of group personal financial services at UOB, said, “We are happy to see that the enthusiasm for the push for digitalisation and receptiveness to the new tech era is not losing steam. As a barometer of regional sentiment towards the economy as well as pertinent areas of interest such as spending and financial behaviour and technology, the findings from UOB ACSS 2023 offer valuable insights for consumers and businesses, to adapt and poise themselves to navigate the current uncertain economic environment.” 

She added, “As a financial institution, the trends and insights highlighted by the study relating to consumers’ key concerns, savings, financial, and digital behaviour and preferences will help us better understand our customers across the region. This allows us to cater to their needs and strengthen our engagement efforts, to support our customers in adapting to the new banking and digital landscape and capturing opportunities in the current economic environment to advance towards their financial ambitions.”

Singapore – GrabAds, the advertising arm of Southeast Asian superapp, Grab, has released its latest travel-centric report, showing that around 72% of respondents plan to travel abroad in the next 12 months, jumping from just 39% when borders reopened in 2022, indicating the travel intent has climbed by 84% in just a year.

According to the data provided by GrabAds, brands should take this as an opportunity to switch gears from short-term “revenge travel” campaigns to planning long-term repeat-customer strategies.

The report reveals main factors that justify why this is the case with Southeast Asians, such as families prioritizing ‘stress-free’ options in accommodation, business travelers seeking booking convenience, and travelers wanting certainty upon reaching their destination. 

Moreover, the survey states that 78% of respondents are not subscribed to any hotel loyalty programme. Considering that 73% of them plan an average of three leisure trips in the next 12 months, there’s undoubtedly room for repeat business, which the report acknowledges as an opportunity to educate would-be travelers on hotel loyalty programs and associated benefits. 

Talking about the report, Jennie Johnson, head of marketing at GrabAds, said, “GrabAds data revealed a massive increase of 84% in international travel intent compared to just one year ago. Last year, brands may have focused on short-term impulse campaigns based on pent-up lockdown FOMO (fear of missing out) – but they now need to shift towards developing long-term relationships with savvy Southeast Asian travelers as they dream, plan, book and experience travel.”

“It could be as simple as maintaining year-round communication with consumers or utilizing online to offline channels to promote the latest offers. For example, the campaign we’ve built with Media Bank Inc. for the Japan Tourism Agency utilizes our Grab fleet and app to creatively target users of our platform. At GrabAds, we look forward to working closely with travel and tourism brands to innovate and provide an exciting, dynamic travel experience for Southeast Asian jetsetters,” she added. 

Singapore –  Around 50% of Gen Alpha and 43% of Gen Z in APAC cited gaming as making them feel better if they’re anxious or stressed, according to the new research conducted by youth-first marketing and media platform TotallyAwesome. 

Based on the data, Gen Alpha and Gen Z consider gaming a better way to relieve their stress and anxiety as compared to talking to family members (28% and 21%, respectively), as well as talking to friends (28% and 32%, respectively). 

These trends are impacting several markets in APAC, where Vietnam came out on top with 60% of Gen Z youth turning to gaming to ease their anxiety and stress, followed by the Philippines and Malaysia at 56%, South Korea at 49%, and Singapore and Malaysia both at 47%. 

The research also reveals how gaming has become gender agnostic, especially amongst Gen Alpha, where 46% of girls use gaming to relieve anxiety, which is extremely close to boys, who sit at 54%.

Furthermore, Gen Alpha (52%) and Gen Z (48%) cite gaming as a way to feel more connected with their friends and family. This data is especially relevant for parents, who hold purchasing power when it comes to these demographics.

The youth in APAC are increasingly placing more value in gaming compared to other channels when building connections. However, the expansion of the commercial gaming industry influences streaming services as well, underscoring heightened participation among the youth who are exploring the gaming ecosystem for content. 

The research reveals that the big players are still dominant across APAC, with 77% of Gen Alpha and 76% of Gen Z citing YouTube as their most used streaming channel, compared to only 6% and 8% going to Twitch.

TotallyAwesome’s Youth-first Digital Insights highlight the impact of these nascent trends on advertisers in the region. APAC is the world’s largest gaming market, with total revenues exceeding US$84b in 2022. 

The data revealed in this study presents a significant prospect for tapping into the market’s potential by connecting with these consumers through well-thought-out advertising approaches that effectively connect with the younger demographics of Gen Z and Gen Alpha.

Will Anstee, TotallyAwesome’s executive chairman, said, “Our Youth-first Digital Insights underscores the gaming industry’s profound influence on Gen Z and Gen Alpha. When it comes to forging a sense of community and self-expression, young people are increasingly looking to gaming as the most important space for social bonding. Gaming is no longer just gaming – it’s their new social.”

“Our extensive research shows that parents are more digitally literate than ever and are increasingly concerned with cyberbullying, highlighting a demand for safe online environments that provide an outlet for positive play. Brands need to be brave and step into gaming in a way that considers the myriad concerns and needs Youth have. These rich insights help Brands and media agencies alike to gain a better understanding of young people’s appetites and how best to support their passions,” he added. 

Meanwhile, Raja Kanniappan, TotallyAwesome’s newly appointed chief executive officer, commented, “TotallyAwesome has been conducting our Youth-first Digital Insights for 8 years. We have built a deep understanding of the attitudes and behaviours of youth across Asia Pacific. We work with marketers and media agencies to take these rich insights and learnings to enable Brands to connect with Youth in a safe, relevant and effective way. If you want to capture the hearts and minds of Youth and build meaningful and long-lasting relationships – you need to get into gaming. It’s their now and their future.”

Singapore – With half of commuters in Asia Pacific using four or more different payment methods for transportation each month, Visa’s ‘Global Urban Mobility Survey’ conducted by Wakefield Research shows that 58% of respondents expressed a desire to use a single payment method for all transport modes, which would encourage them to use public transport more.

The study surveyed commuters across Australia, Indonesia, Japan and Singapore, with 96% of respondents expecting public transport providers to offer contactless payment methods, and 65% of respondents likely to use a contactless payment option for their public transport needs.

These options include contactless debit, credit or prepaid cards. Benefits cited for leveraging contactless payments include convenience, having less worry about the amount of cash on hand, and a guarantee of the best possible fare through fare capping limits.

That being said, the study also shows that half of commuters are willing to use public transport on a more frequent basis if they are fare-capped. Contactless payments guarantee exact fares for transit riders as opposed to other methods such as cash. Fare capping also limits how much a commuter pays for their total rides in a day, week or month, eliminating the need to tie up funds.

Talking about the results, T.R. Ramachandran, head of products and solutions at Visa Asia Pacific, said, “The study reveals a strong demand among commuters in Asia Pacific for seamless and convenient payment options in public transportation. At Visa, we continue to work closely with governments and transport operators to offer a unified payment experience that accommodates a wide range of payment methods to boost urban mobility by focusing on customer convenience.”

“Digital payment methods for public transport play a key role in supporting underbanked and unbanked individuals, for which public transport remains a necessity. As a leader in digital payments, Visa is committed to ensuring inclusivity in the urban mobility ecosystem through accessible financial solutions,” he added. 

Singapore – Baidu’s subscription video on-demand over-the-top (OTT) streaming service, iQIYI, has surpassed the $3b milestone in terms of consumer spending across Apple’s App Store and Google Play, according to the latest estimate reports from data.ai.

According to the data, iQIYI generated a total of $180 million in gross revenue globally during the first half of 2023, securing the sixth spot among the world’s top-grossing OTT entertainment platforms, standing tall among giants like Disney+, which secured the first spot, and Max from Warner Bros. at second.

The data further shows that exclusive content plays have driven adoption. Recorded data identifies August 2021 as a standout month for iQIYI, as the OTT streaming service garnered a combined total of 12.5 million installs across both the iOS and Google Play stores globally.

Top markets for iQIYI are concentrated in the APAC region, and the surge in downloads coincided with iQIYI’s strategic move to cater to a broader viewership base by producing and streaming Southeast Asian shows as exclusive iQIYI originals.

Singapore – Around 6 to 10 Southeast Asians are said to currently have debts or loans, according to a survey conducted by market research firm Milieu Insight in 2023. 

The study found that 62% of the Southeast Asian population are currently holding debts or loans, with Malaysia and Vietnam emerging as the nations grappling with the highest amount of people who currently have loans or debt.

The main factor as to why debt and loans have grown in Southeast Asia vary for each country. In Singapore, 49% of Singaporeans choose to take on debt in order to purchase property. On the other hand, 48% of Indonesians and 41% of Vietnamese and Filipinos stated that they took out loans and had debts due to an urgent need for immediate funds.

‍Regionally, there is a growing concern about indebtedness, with 14% of respondents stating that they aren’t able to save after deducting expenses and debt/loan repayment. This is even more alarming in Thailand, with 24% of respondents being unable to save after covering essential expenses and loans. However, there is a stark contrast in Singapore, where 14% of respondents are still saving more than 50% of their income.

Furthermore, the study revealed that 1 in 4 of Southeast Asians lacked personal finance education, with 39% of respondents attributing their financial literacy to the Internet.

In a press release regarding this, Milieu Insight commented, “Understanding the debt landscape and personal finance dynamics in Southeast Asia has never been more critical. Financial education is thus crucial and should be viewed as a lifelong learning process, with continuous efforts to update and adapt programs to align with evolving economic conditions. By fostering a culture of learning and financial awareness, we can equip our communities with the tools to make sound financial decisions and achieve financial security.”

Singapore – Global adtech firm Quantcast released its ‘Asia Pacific 2023 Advertising State of Play Report’, which discussed the future of digital advertising, the challenges and opportunities lie ahead for advertisers and agencies, where brands are planning ad spend this financial year, and what barriers stand in the way of programmatic video adoption.

In the report, Quantcast found out that key challenges and barriers were the need to prove return of investment (ROI)/performance and effectiveness, while personalising ads and finding new audiences amidst the global economic downturn.

APAC marketers and agencies identified and are looking to invest in several opportunities including performance-led advertising, business growth, and investing in easy-to-use tools, with programmatic video and search expected to grow significantly in APAC over the next year, particularly as social channels remain critical in countries including Hong Kong, Singapore, Thailand and the Philippines.

With this, data suggests that OTT investment in APAC is expected to grow from US$4.3 billion to US$7.2 billion between 2020 and 2026 – a 67% increase within six years. Linear TV and radio are likely to see the largest decline in media investment, as advertisers lean towards digital experiences. 

Preparing for a cookie-less world is also a priority, with nearly 60% of agencies and just under 43% of brand-side marketers naming it as their top priority for FY 23/24, focusing on cookie-less advertising solutions and getting audience insights through first-party data over the next 12 months.

Sonal Patel, vice president of Quantcast, APAC, said, “In the coming months, we’re expecting to see advertisers continually asked to deliver more value, navigate more technological changes, and get on top of changing consumer behaviour to maximise advertising outcomes. To get ahead, APAC marketers will need to seize the opportunities to build their brands now. Businesses that increase advertising activities during downturns can snag market share from more conservative brands.

India – With Meta’s new microblogging social app Threads reaching an all-time high of more than 150 million downloads in total during its first week, India is said to be the leading force in contributing to the success of Threads, accounting for approximately 32% of its total downloads globally, according to data revealed by data science agency data.ai Intelligence. 

Until now, the origin of Threads installations has been limited to a single global figure. The app has established the largest footprint in India, which has accounted for about 32% of its downloads.

Indian consumers have been known to flock first to new social platforms in the past, with ByteDance’s TikTok becoming a cultural phenomenon there before it ceased operating in the country. At the same time, India is also Twitter’s second-largest market in terms of both lifetime downloads and monthly active users.

The report also found that besides India with 32% of global downloads, other major contributors to Threads downloads hail from Brazil with 22%, the United States with 16%, Mexico with 8%, and Japan with 5%.

Singapore – With brands nowadays catering more and more to the trend of digital ads, digital ad spend waste in the April to June quarter is down more than $30m on the first quarter of 2023, but advertisers still continue wasting nearly half of their advertising dollars each quarter, according to data revealed by independent digital media agency Next & Co.

Last quarter, advertisers threw away $77.1m from their ad spend budgets, which represents an average of 40% wastage across total audited media spend, compared to more than $104 million between January and March 2023.

The report found that retail brands were responsible for wasting the most in digital ad expenditure, with a figure of $25.4m. It was followed by finance at $22.3m, insurance at $12.3m and health at $7.7m. Education and real estate brands had the least waste at $5.3m and $3.8m respectively.

Across digital media channels over the last quarter, most digital ad spend was wasted on Google at $33.9m, followed by Facebook at $31m, LinkedIn at $7.7m and Bing at $3.8m.

John Vlasakakis, co-founder at Next&Co, said, “As we enter the new financial year, many brands will be taking stock of their advertising budgets, particularly amid ever-increasing economic and inflationary pressures. The latest data shows there is still plenty of room for improvement in terms of how brands are spending their advertising dollars. As we head into campaign planning for the biggest retail events of the year, with Black Friday, Cyber Monday and Christmas, businesses need to get a sound understanding of the efficacy of their digital ad spend, and a better measure of return on investment.”

He added, “An independent audit of overall planned spend and past spend can reveal insights into where wastage is occurring, how to get better campaign optimisation and results, and how dollars can be best spent. The new financial year will be about businesses working smarter, not harder, particularly as budgets come under pressure, making every ad dollar count in the coming months.” 

Singapore – Mobile advertising technology company InMobi unveiled through its Ramadan 2023 at a glance report that consumer sentiment in Indonesia maintains an upward trend as consumers embrace the gradual return to normalcy.

According to the report, 60% of respondents plan to spend at least IDR 3 million for Ramadan, a 4% boost from 2022. Results also showed that one in three app downloads during Ramadan are shopping apps, with downloads peaking two months before the celebration.

Moreover, 98% of respondents choose to explore deals, products, and brands for Ramadan on mobile while 56% prefer mobile as their primary purchasing channel.

The report likewise revealed that 72% of the respondents are category explorers who spend time planning and researching their online purchases, with 31% starting research one month before Ramadan.

“Every year, the festive month of Ramadan triggers a massive wave of spending activity in Indonesia, and we expect a rebound this year after modest celebrations in the last two years. Interestingly, mobile remains dominant as a preferred channel for shopping, entertainment, and even religious activities among consumers despite relaxed restrictions on travel and physical gatherings,” said Rishi Bedi, managing director for Asia-Pacific at InMobi.

He also added that because of the increase in spending activity amongst consumers, brands must continue to maximise their visibility and reachability to target consumer segments on mobile and other digital platforms.

Ramadan 2023 at a glance analyses expectations and habits of Indonesian consumers around the holiday and provides insight to brands seeking to refine their mobile marketing strategies during the nation’s holy month.

Last September, InMobi also released its report on mobile gaming ads amongst advertisers in Southeast Asia, where it was found that 98% of advertisers have increased their mobile gaming spend since the pandemic.