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A brief look into one of today’s emerging tribes in finance, how banks can engage them and why they matter.

Finance giants of today are competing with new features to court and attract the emerging financial tribes of the post-pandemic era. With pillars like engagement and customer experience spilling over in every realm of the digital economy, unzipping the secret to a new customer segmentation model can become foundational in providing the right digital baking experience for the right customer.

Among today’s emerging finance segments - or tribes - Techcelerators is one of the most important groups. Here’s why:

Techcelerators are typically middle-aged individuals who generally own their assets. Despite being relatively recent converts to the world of digital banking, they have since fully embraced the online modus operandi. In the last 20 months, they went from withdrawing cash from ATMs to shopping online using contactless technologies, and if they once saw online banking services as a nice-to-have, they now see it as a necessity.

How has the pandemic affected their spending habits

Despite about ⅓ of techcelerators agree that their spending habits are ‘conservative’, 69% of them admit to having used digital banking services more frequently and 14% even switched banks during the pandemic. Nonetheless, almost all customers in this tribe value a long-standing relationship with a bank. So how to make sense of this data, capture this segment and provide value for them?

How banks can engage techcelerators

As highlighted in Mambu’s free-to-download report, The financial tribes you need to know, there are three critical elements to engage with this tribe:

  1. The fast adoption of digital services doesn’t mean that techcelerators don’t value in-branch bank services. Move to a hybrid customer experience, centred on user needs when and where they fulfil them.
  2. At the same time, capitalise on their newly-found confidence in the latest technologies to provide new functionalities that aim at retaining their customer loyalty.
  3. Remember that techcelerators’ digital journey has just started, and there’s a world of additional tools that they haven’t exploited yet. Support their continued education with promotional efforts.

Find out the full report here, as part of our consumer and research series Disruption Diaries.

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