76% of UAE consumers prefer banks that put purpose over profits, according to a new report from SaaS cloud banking platform Mambu. The Financial Tribes You Need To Know report reveals that UAE consumers most strongly identified with the ‘Ethical Banker’ tribe, one of the five key consumer groups identified in the survey. 34% of UAE consumers fall into this category of purpose-driven savers that want to make a positive impact in the world.
Miljan Stamenkovic, General Manager MENA at Mambu, said: “This report tells us that consumers in the UAE are progressive and forward-thinking when it comes to their finances. They strongly identify with the Ethical Banker tribe more than any other, showing clear desire for their money to do good. Whether it be for the environment or social and humanitarian causes, UAE consumers are demanding their banks do better.”
"The research suggests that these consumers are actively turning away from banks that do not put purpose over profits. The Islamic banking industry has the ideal environment to build on this ethical banking opportunity."
The Financial Tribes You Need to Know report surveyed 4,500 consumers globally, including in the UAE. It identifies five key consumer groups, or ‘tribes’, that are driving the future of financial services. These include:
1. Techcelerators: Recent converts to the world of digital banking, this group is the largest tribe globally, accounting for a third (33%) of total respondents. More than half (57%) are aged over 35. 30% of UAE consumers were classified as ‘Techcelerators’, compared to a global average of 33%.
2. Ethical bankers: Young, purpose-driven savers that want to make a positive impact in the world. This tribe is second largest globally, making up 31% of respondents, and nearly half (49%) are aged between 18 and 34. UAE consumers most strongly identified with the ‘Ethical Banker’ tribe, with 34% falling into this category - higher than the global average of 31%.
3. Convenience cravers: One-stop shoppers who want all-in-one services at their fingertips, and at no extra cost. This group makes up nearly a quarter (23%) of respondents globally and more than half (55%) is aged over 35. This group is least likely to pay a premium for services that save time or offer flexibility, expecting a best-in-class customer experience as standard.
4. Covidpreneurs: Entrepreneurs who have set up their own business during the pandemic. They are the youngest tribe globally, with almost two thirds (64%) aged under 35 and a quarter (25%) under 25. This group is most likely to agree favourable business services are important in a bank and most likely to invest in traditional assets.
5. Neo Asset hoarders: New asset owners who want to use financial services to buy, trade and hold assets. This group is the smallest, but rapidly growing tribe globally. Two thirds (66%) are male and over half are under the age of 35. This group is most likely to own neo assets, including cryptocurrency (75%) and NFTs (26%,) and most likely to agree that the ability to buy, sell or manage neo assets is important in a bank.