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Global research report shows Australian consumers have embraced Buy Now Pay Later but remain cautious of cryptocurrency

Announcement posted by Mambu 12 Nov 2021

New report from cloud banking platform Mambu identifies five consumer financial tribes post-pandemic

SYDNEY, 12 November 2021: Australia has the highest uptake of innovative payment service Buy Now Pay Later (BNPL) of any country, with 24 percent of Australian consumers utilising the service, compared with just 11 percent globally, according to a new report from SaaS cloud banking platform Mambu

The financial tribes you need to know report also reveals that nearly two thirds (61 percent) of consumers globally have made greater use of digital banking services over the last 18 months, and 22 percent of Australian consumers started using digital banking services for the very first time during the pandemic.

The report, which is the latest in Mambu’s ‘Disruption Diaries’ series, surveyed more than 4,500 consumers globally (including 501 Australians) and identified five emerging financial ‘tribes’ that banks need to know about in a post-pandemic world.

Eugene Danilkis, CEO at Mambu, said: “Each tribe tells us something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve. Traditional audience segmentation in financial services is outdated. The one-size-fits-all model, in which customers are divided based on how much they earn, or simple demographics, is redundant in a world of open finance and rich data.”

The key consumer groups identified in the survey include:


Recent converts to the world of digital banking who have adopted digital services amid physical branch closures. This group is the largest tribe globally, accounting for a third (33 percent) of total respondents, and 36 percent of Australian respondents. This group is predominantly aged over 35 years.

Ethical bankers

Young, purpose-driven savers that want to make a positive impact in the world. This tribe is second largest globally, making up 31 percent of respondents, and 36 percent of Australian respondents. 76 percent of Australian consumers also say they would choose a bank that puts purpose above profit, and more than half (53 percent) say that considering social impact is important when making investments. Globally, this group is primarily aged between 18 and 34 (49 percent).

Convenience cravers

One-stop shoppers who want all-in-one services at their fingertips, at no extra cost. This group makes up 24 percent of Australian respondents (23 percent globally) and are predominantly middle-aged or older individuals — with more than half (55 percent) aged over 35. This group is least likely to pay a premium for services that save time or offer flexibility, expecting a best-in-class customer experience as standard.


Entrepreneurs who have set up their own business during the pandemic, in need of easy-to-use and reliable business banking services. Covidpreneurs are the youngest tribe globally, with almost two thirds (64 percent) aged under 35 years and a quarter (25 percent) under 25 years.

Neo asset hoarders

New asset owners who want to use financial services to buy, trade and hold assets. This group is the smallest, but rapidly growing tribe globally. Two thirds (66 percent) are male and over half are under the age of 35. This group is most likely to own neo assets, including cryptocurrency and NFTs and most likely to agree the ability to buy, sell or manage neo assets is important in a bank. 

Interestingly, one third (33 percent) of Australian respondents considered the ability to buy, sell or manage digital assets an important service in a bank – a figure which, along with one of the big four Australian banks’ recent announcement that it will become Australia’s first bank to offer its customers crypto services via its digital app, is further evidence of the growing credibility of cryptocurrency as an asset class in Australia.

Paul Apolony, General Manager Australia & New Zealand at Mambu, said: “The stats around Buy Now Pay Later are no surprise really, as Australia has been a leader in this space for many years thanks to the incredible success of homegrown global industry leader Afterpay. What is surprising, though, is how much Australia is lagging behind the rest of the world when it comes to the adoption of cryptocurrency and other digital assets. The research shows that just 14 percent of Australians hold some form of crypto, compared to the global average of 31 percent. We’re seeing an enormous appetite for digital currencies in emerging economies like Vietnam (where 57 percent hold crypto) and Thailand (53 percent) that’s just not being replicated here yet, particularly among the older generations. However, we know that digital financial technologies are important to Australian consumers, with 84 percent saying digital banking is an important service for their bank to provide. Australia also ranks highest of all countries surveyed – at 76 percent, alongside the UAE and Thailand – as the most likely to choose a bank that puts purpose over profit.”

Added Danilkis, “If banks want to thrive in the future, they must think about how to affiliate themselves with the dynamically changing groups within society and appeal to them with products and experiences that meet their shared values and financial needs. Globally we have over 50 million end users on our Mambu platform which demonstrates the growing demand for new and digitally-enabled financial products.”

 Tom Cheesewright, Applied Futurist, added: “The banking and finance industry, which is as ‘legacy’ as industries come, has been shaken to its very core by the sudden and overwhelming demand for digital. The impact of global lockdowns propelled the world forward into its own digital future, suddenly achieving a shift in attitudes towards online banking, which had previously been predicted to take years. Banks whose plans for transformation were based on pre-COVID assumptions have been left behind by customers who have found new ways to manage their money during the pandemic, as illustrated by the ‘tribes’ identified in the report. The pressure is now on for financial institutions to demonstrate they can deliver on ethics, efficiency, and innovation.”

For a full breakdown of the five tribes and regional analysis by country, you can download The financial tribes you need to know report here.

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Notes to editors

For all media enquiries, please contact rachel@whitehatagency.com.au 

Key Australian Survey Results

  • 84% of Australian consumers say digital or online banking is an important service for their bank to provide
  •  76% say the best customer experience on the market is important in a bank
  • 76% more likely to use a bank that puts purpose over profit
  • 55% are more likely to use digital or online banking now than prior to the pandemic
  • 14% of Australian respondents hold some type of cryptocurrency
  • 33% of Australian respondents say the ability to buy, sell and manage cryptocurrency via their bank is important
  • 24% of Australian consumers use BNPL when purchasing online, the highest of all countries surveyed - global average 11%
  • 21% of respondents said they are more likely to switch banks post-pandemic.

Broader APAC Survey Results

  • 71% of APAC consumers prefer to invest rather than spend their money
  • 74% stick to a budget
  • Financial security (85%), reaching financial goals (87%) and return on investment (86%) are most important when making an investment
  • 50% of APAC respondents own property
  •  38% own cryptocurrency, and 29% purchased crypto during the pandemic
  • Money transfers (91%), account balance checks (90%) and bill payment services (87%) are the most important digital or online banking services cited
  • 74% of APAC respondents are likely to choose a bank that puts purpose over profit
  •  65% used online or digital banking more frequently during the pandemic
  • 75% are likely to continue to use online or digital banking more frequently post-pandemic.


About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 800 employees​ that support 200 customers in over 65 countries - including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.