The Rise of FinTech in APAC

Watching someone balance a checkbook feels like travelling back to prehistoric times. Carrying large sums of money in cash is, like, so 90s. And physically walking into a bank? Forget it.

With the rise of financial tech, came the ease of financial management for consumers. Mobile banking allows us to deposit checks simply by taking a photo.

We’ve entered a digital financial age, and we’ve not even mentioned cryptocurrency yet – the universal monetary system has seen huge demand.

These changes are impacting financial services brands all over the Asia-Pacific region. Finance organizations need to find a way to keep up with these fast evolving times while also understanding changing consumer opinions.

Luckily, modern users flock to online channels to praise what they love and rant about what they don’t. We analyzed millions of these conversations across public online channels to better understand the discussion around:

• The rise of blockchain and cryptocurrencies
• The best mobile banking offerings in the Asia-Pacific region
• The newest trends in personal finance

Are consumers ready for digital currencies?

One of the fastest rising trends in financial history is the rise of cryptocurrencies and the technology that propels them: blockchain.

Consumers are no longer tethered to the Japanese yen or the Australian dollar. Cryptocurrency provides a universal currency to pay for goods and services 100% digitally.

Crypto conversation trends

Customers across Asia were talking about the trend long before it began and conversation volumes exploded along with its popularity. Bitcoin, in particular, is propelling the conversation across the continents.

But how big has the conversation grown? What (and who) is propelling the conversation? Is Bitcoin still dominant or is there a challenger picking up steam?

Over the last five years, talk surrounding cryptocurrency in APAC has expanded considerably – peaking in late 2017/early 2018 with over a million monthly posts.

However, more recently, we’ve seen the conversation die down.

So what’s killing the conversation?

Like any other rising economic market, there is the boom and then the bust. Bitcoin’s price quickly shot up and it was only a matter of time before the bubble burst – a trend that mirrors the rise and fall of the online conversations. The price began to boom in mid-2017 but began to stabilize only a year and a half later.

But how have consumers been feeling? Sentiment toward blockchain and cryptocurrency has remained steadier than its price in the past five years. About 70% of people feel positively about the rising trend, seeing it as an opportunity.

However, there is a large group that is still wary.

Finger on the pulse

So are any cryptocurrencies challenging Bitcoin, and who are the rising players?

Bitcoin has been the most discussed “coin” and its price is the conversation driver for the entire industry. But other coins are on the rise, such as Ethereum and  Litecoin.

These are just a couple of the potentially disruptive currencies – it’s important to keep an eye on any and all potential competitors if this is a market you’re interested in.

There’s still a lot of confusion shrouding the cryptocurrency and blockchain industry. The market has kinks to work out and stabilization must run its course.

During this period, it’s imperative that financial brands keep up with the consumer conversations and the things that drive them. This upkeep will ensure they remain relevant and in good standing, while also establishing themselves as leaders in a burgeoning industry.

Mobile banking

Mobile banking is increasingly popular around the world. People can check their accounts, deposit cash, and set up budgets all from one convenient app. But what does this new industry look like? Which companies are leading the way? What do consumers in APAC think of mobile banking?

Going mainstream

Mobile banking is becoming more mainstream in the APAC region. Consumers are discussing their thoughts about it online – something that is rising steadily over time.

We should point out that this tweet from Prime Minister Modi did skew our chart a bit back in 2016. He had a positive message to share about banking online.

Monitoring the big players

As mobile banking becomes more popular, competition can only get tougher.

One way brands can stay ahead of their rivals is to monitor what people are saying, both about them and those they are competing against.

For example, we looked at mentions of mobile banking in the context of National Australia Bank and Commonwealth Bank, finding that Commonwealth was getting far more conversation.

Knowing what consumers love and hate about your product, especially compared to other brands in your market, can give a vital competitive edge when it comes to product development.

Armed with all this consumer opinion, fixes and new features can be prioritized in development, or shouted about louder in marketing materials.

Talking personal finances online

People don’t always keep their finances private. Social media users are increasingly talking about what they spend their money on.

Every month, millions of consumers provide a roadmap for their spending habits. From what to why to where and often even how much!

For example, we were able to gather tens of thousands of mentions of what consumers in APAC spent their money on, using simple keywords searches like “I bought” to find out what followed.

Few things reveal more about the way people think than how they like to spend their money. By identifying where consumers are allocating their income, we can better understand what matters to them. And that can vary for different groups.

Let’s look at the differences between how men and women in APAC talk about spending their money online. Breaking the money-spending conversation down by gender, we are able to see different priorities.

It’s a bit stereotypical, but that’s what the data says.

Credit card companies should be taking note of these insights, especially when they can be gleaned from your target audience.

Why? Analyzing where people enjoy spending their money can help inform tactics to attract new customers and to make current customers happier. For example:

• Knowing that an audience loves to travel can prompt brands to develop and market better travel credit cards for them.
• Looking at where people like to spend their money, and creating rewards for what they love and points for what they hate. People generally don’t find car or grocery expenses particularly joyful, but many of those points accumulated from travel can be spent on those costs.