Taiwan has a very competitive retail banking environment, with almost 40 providers operating in the country. The branch is still the main channel of acquisition for all segments. Consumers demand competitive rates, and due to its proximity and close business links to mainland China, renminbi-denominated products are highly sought after.
Consumers are cautious, meaning an existing relationship is important when choosing a current account. Accordingly, new entrants need to stress their own competence and reliability. Online will gradually grow in popularity, but branch proximity is still key.
Recommendations from friends and family drive provider choice when taking out a savings account, along with a conveniently located branch. In addition to good service and products, providers need to build a personal relationship with customers in order to drive recommendation.
Borrowers in Taiwan are most likely to choose a provider they already have an existing relationship with, but consumers often consult friends and families when choosing providers. Additionally, consumers in Taiwan are sensitive to price and display a desire for flexibility on repayments.
Verdict Financial’s Retail Banking Market Insights: Country Snapshot Taiwan is a review of the retail banking sector in Taiwan, with a particular focus on the current account, savings, mortgage, and personal loan markets. It includes both market-level data and insight from our global consumer survey.
Overview of Taiwan’s banking sector.
Insight into Taiwanese consumer preferences and their reasons for taking out particular financial products.
Learn about the main providers dominating the current account, savings, mortgage, and loan markets and the different factors persuading customers to choose them.
Discover the extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons To Buy
Futureproof 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 new entrants and distribution channels will have on the market.