Many in the unbanked segment also have safety concerns about digital financial tools because they’re using them for the first time.9 Brands can build trust by helping people become industry list familiar with these tools, and they can do so via social media and online advertising because the unbanked are influenced by these channels.10 It’s also critical for brands to be prominent on Search to capture the attention of the unbanked because they tend to have one brand in mind when they reach the Search the unbanked find your brand, create a positive first impression of digital banking by having an app that is simple to use. Ensure that the app onboarding process industry list is smooth and intuitive so that they find it easy to get started and are motivated to continue.
The underbanked are looking for reassurance before adopting new products Our study found that the under banked are generally older, less affluent, and share industry list financial responsibilities at home.12 They own a savings or payroll account, but aren't as digitally savvy as the banked, so they are not as confident about using digital finance tools.13 This explains why the underbanked are more likely to sign up for a service in-person because they can industry list get personalized answers and help on the spot.14Financial behavior traits of Filipinos in the underbanked segment Financial consumer behavior of.
Filipinos in the underbanked segment: Have a savings/payroll account, prefer in-person to digital sign-ups, use proactive and passive methods to research industry list online, and are concerned about user errors in digital bankingWhile the underbanked are proactive in their research, they’re equally influenced by social media, online advertising, and friends and family.15 They usually have multiple brands in mind when researching, likely because they’re looking for the right brand to guide them in their finance journey.16 To engage the underbanked, brands need to industry list provide assurance throughout their finance journey, starting with Search.