May 6th, 2022, Samuel Tan
Whether a financial company can ensure the “safety and security of my money” is what consumers in Indonesia most consider when choosing a bank, payment service, investment platform or insurance provider – with two-thirds (66%) saying this is an important factor.
Research by YouGov also reveals that good customer service (60%), access to digital services (57%) and low or no fees (53%) are the three next most significant factors, which more than half of Indonesia’s consumers say are important considerations when choosing a financial service provider.
Where do various generations in Indonesia differ when choosing a financial service provider?
Older consumers in Indonesia – around three-quarters (76%) of Baby Boomers (born 1946 – 1964) and five-sixths (83%) of Gen X (born 1965 – 1980) – are more likely to say "safety and security of my money" is an important consideration when choosing a financial service provider, compared to more than three in five (61-65%) Millennial (born 1981 – 1996) and Gen Z (born 1997 – 2009) consumers.
The same age-based pattern is observed for considerations about enjoying good interest rates and paying low or no fees, which are lowest among Gen Z and highest among Baby Boomers. Notably, Gen Z is much less likely to say that good interest rates are an important consideration (38%) – compared to more than half for other birth cohorts. Meanwhile, five in seven of Gen X and Baby Boomers say low or no fees is an important consideration, compared to around half of Gen Z and Millennials.
Additionally, three in five (59%) Baby Boomers say that attractive incentives to switch / continue with a financial service provider are an important consideration, a significantly higher proportion when compared to around one-third (31-37%) of younger consumers.
A financial service provider that offers good customer service is a significantly more prevalent consideration among older consumers – 88% of Baby Boomers and 71% of Gen X – compared to over half of Gen Z and Millennials. Surprisingly, Baby Boomers are much more likely to say access to digital services is an important consideration (67%), compared to other birth cohorts both younger and older.
Significantly more Baby Boomers say that a financial service provider’s ethical values are an important consideration (52% vs 29% average), while around two-fifths of consumers across generations say that a financial company’s stance on environmental sustainability (e.g. actions to reduce the environmental impact of their operations) are a significant factor (39-42%).
Read YouGov's latest consumer research in the finance sector:
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What are consumers' top concerns about using digital financial services in Australia, Hong Kong, Indonesia, Singapore?
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Methodology: YouGov Custom Research is a full end-to-end service from YouGov experts, from sample framing and questionnaire design to analysis and more, which provides bespoke market intelligence and research insights. Indonesia data figures (N = 1,034) have been weighted by gender, age, socioeconomic class, city tier to be representative of the adult online population in Indonesia (18 years or older), and reflect the latest Indonesian Bureau of Statistics (BPS) population estimates. APAC data figures (N = 5,653) include the following markets: Australia, China, India, Indonesia, Hong Kong and Singapore. Learn more about YouGov Custom Research.