Banks have become highly dependent upon retail deposits at the same time as the global economic downturn has put real wages under pressure, meaning consumers have a lower ability to save. To acquire and maintain existing customer deposits in such a challenging environment, providers in each geographical market will need to improve their understanding of consumer behavior and attitudes to saving.
Understand how monthly inflows and total savings pots vary across markets.
Discover how to design your savings proposition to attract customers.
Learn what strategies will be most effective for acquiring and retaining both higher value and lower value savers.
Utilize recommended strategies to encourage customers to save more.
What strategies should you employ to attract high value and low value savers?
How do the factors driving savings behavior vary across different countries and consumer segments?
How can savers be segmented in different markets?
How much do savers in global markets have in total savings?
What are global savers top financial priorities?
There is a strong correlation between a countrys public debt to GDP ratio and the proportion of consumers in that country that have managed to increase the size of their savings pot over the last six months. This finding is evidence that prevailing macroeconomic conditions are having a direct impact on consumers ability to grow their savings.
Developed Asian economies have higher savings balances and are more likely to continue increasing their savings than developed Western economies. Building up savings is of lower importance to consumers in developed Western economies, as they put greater emphasis on maintaining savings at their existing level.
It is common for consumers to use the same savings account to save for a wide variety of goals. This can make it difficult to keep track of how they are progressing toward each goal. Therefore providers should help savers to split up the funds in an account by allocating different goals, with the ability to deposit and transfer money between goals.