Taiwan has an advanced but overcrowded financial services market. Ownership of the key financial products is widespread, with consumers favoring providers that have a good reputation and with which they have an existing relationship. Although internet and mobile services are comprehensively available, local consumers still demonstrate a preference towards the branch channel over digital, in part due to Taiwan’s urban structure facilitating branch access.
Branch location, reputation, and being a local brand are the most influential factors driving choice of provider, even among younger consumers who may have been expected to be less swayed by traditional considerations.
Competitive interest rates and a good reputation are key drivers of provider choice across all life stage segments, emphasizing the importance of price and trust to all age groups. Results indicate that branch location is more important to post-family and younger family consumers than any other segment.
Trust and responsibility are the highest-rated values, meaning that consumers value honesty and the ability to make their own decisions more than anything else.
Additionally they tend to only use brands that are perceived to be honest.
This brief reviews the retail banking sector in Taiwan, with a particular focus upon the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our global Retail Banking Insight Survey.
The report offers insight into:
How consumers in Taiwan take out and use their financial products, and how this has changed in recent years.
Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.
The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons To Buy
Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Taiwan’s retail banking sector.
Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
Learn about the impact that new entrants and distribution channels will have on the market.