Seventy-three percent of Taiwanese clients are dissatisfied with lending programs offered by their banks, a survey released on Thursday by the US-based data analytics company FICO found.
Local clients shared their discontent with others in the Asia-Pacific region, where on average 34 percent of people said that they were not offered any attractive lending incentives, 31 percent said they were not offered products superior to those they applied for and 28 percent said that banks failed to offer additional products to their liking, FICO said in a statement.
By contrast, 53 percent of Taiwanese clients said that they reacted positively when banks personalized offers, as they felt the banks had taken their circumstances into account, FICO said.
Photo: CNA
One in five Taiwanese said they were “very willing” to offer more financial information in return for better pricing, the results showed.
Fifty-seven percent of Taiwanese expected to obtain the loan money within a week, while 21 percent anticipated obtaining it in one day and 19 percent within one hour, FICO said.
Real-time transactional experiences on other trading platforms have led clients to expect similar engagement from lenders, it added.
Overall, respondents were not impressed with banks that appeared not to know clients’ needs, FICO senior director of decision management solutions in the Asia-Pacific Aashish Sharma said in the statement.
Many banks in Taiwan do not have a comprehensive pricing strategy that aligns with their overall business strategy, he added.
“Clients are used to innovative pricing strategies from airlines, ride-sharing services and insurance companies, but banks are lagging behind,” Sharma said.
Social media companies have worked out how to put ads in front of targeted viewers, which brought them increased engagement and uptake, he said, adding that banks could learn to do the same.
While banks should move beyond single-product pricing to cross-selling, some lack the motivation, because it is inconvenient for people to switch banks, but that might not be the case in the next three years, as competition is increasing and regulation is demanding open banking, Sharma said.
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