State of Banking and Financial Wellness

Insights from 1K+ Banking Decision-Makers and
Retail Consumers across Asia Pacific

A commissioned study conducted by Forrester Consulting on behalf of Backbase

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Inside the Study


With consumer worries about debt and the rise of new fintech disruptors, banks and especially personal financial management (PFM) tools which have now evolved into digital money management, play a key role in financial wellness.

Commissioned by Backbase, this Forrester study featuring the insights of 1K+ business decision-makers and retail-banking consumers across Asia Pacific (APAC) reveals:

  • Top 5 Challenges of Banking Consumers
  • The Evolution of Personal Financial Management (PFM) to Digital Money Management and Financial Wellness
  • Country Spotlights:
    • Australia and New Zealand
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
  • Key Recommendations

Fill out your details to get the free study and a consultation.

“To succeed in the digital age, financial services providers must understand how to engage customers and serve their deepest needs. Having the latest technology is not enough — you must know how to use it to enhance customer experience and build long-term loyalty.”


“In this new era of digitalisation, delivering differentiated customer value hinges on building trust through insights that can improve the financial wellbeing of customers…”

Elaine Ng,

Financial Services Leader
PwC Malaysia

“Players like Grab have started offering embedded wealth as part of their core service to customers and PFM will play a similar important role for many fintech and non-traditional financial services…

Basudev Banerjee,

Director & Industry Leader — Financial Services Industry, APAC Microsoft

“The last two years have seen a cultural shift in consumer behaviour and expectations, with today’s consumers demanding more oversight and control over their finances…”

Myles Bertrand,

Managing Director,
APAC Mambu

“Modern PFM apps offer enhanced consumer engagement by leveraging open banking… [and] can seamlessly link to your banks without asking for credentials and even link to banks that don’t have a website.”

Adrian Nowell,

APAC Strategy Director —
Financial Services Mobiquity Inc

Competition is heating up between PFM apps, and the room for error in the onboarding user journey will become even narrower, as consumers become increasingly less tolerant of inconveniences and poor user experiences.​.”

Frederic Ho,

Vice President,
APAC Jumio

“Technology enables and differentiates you. What you are building, you’re not building for today, you’re building for the years ahead.”

Manish Bhai,

CEO & Co-Founder

In this LinkedIn Live Special Edition, guest speakers Forrester Senior Analyst, Zhi Ying Barry, Microsoft Director & FSI Leader Basudev Banerjee, and Übank CIO, Manoranjan Sahu join Backbase SVP of Strategy & Propositions, Tim Rutten, to discuss:

  • The mismatch between consumer needs and bank investments — which countries in APAC are falling behind.
  • The evolution from personal financial management (PFM) to digital money management — from the likes of CommBank, Grab, Apple Pay Later and Monzo, which players are ahead of the game.
  • How banks can form mutually beneficial relationships with customers in a digital world.

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