Client: A bank in a SE Asia
Approach
An online survey conducted across 6 Asia Pacific countries: Singapore, Philippines, Indonesia, Malaysia, Vietnam and Thailand. Responses were captured psychographic attributes related to ’financial security’ , ‘savings’, ‘debt’, ‘insurance’, ‘need for control on financial aspects’, ’cash vs credit’, ‘sources of investment advice ’, ’role of relationship with the bank’, ‘investment horizon’ ’, ‘savings and investment’, ‘health’, ‘family financial planning’ and ‘financial goals and concerns’
These attributes were condensed to a number of composites using data reduction techniques (factor analysis) and these composites were then used to create clusters. These clusters were profiled on-
- Demographics
- Financial behavior (current savings/ investments, future intention)
- Attitudes towards life
- Lifestyle
…and user stories were created
This was done at ASEAN level as well as by countries.
Additionally discriminant algorithm created to classify future respondents as well.
Outcome : Region level and country level strategy created based in these segments.
All subsequent research studies aligned to this segmentation solution. We are conducting annual checks to measure shifts and emergence of new segments.
