Shaping of Digital Financial Service Trend From The Needs of Taiwanese Consumers

Although mobile payment technology has matured and developed practical business solutions, only 25% of Taiwanese consumers are using non-cash payments according to the statistics. Why are Taiwanese consumers reluctant to change their payment behaviours?

The word FinTech explains literally that the application of “technology” has a tremendous role in this financial service revolution. Digitalized and non-cash transaction environment is a financial development trend that will not go backwards. However, there is an advertising slogan, “Technology always comes from human nature”. “People”, as known as consumers, matter the most to financial market. If consumers’ needs and expectations cannot be fulfilled, even the most advanced financial technology is seen as useless. Especially since the development of modern society is more diversified, the demand and preference for every customer segments have become divergent, and it is crucial to understand the thread of thoughts behind different customer segments’ behaviors. For instance, as for LINE Pay, its unique shared payment feature for friends and family is a convenient tool for youngsters to separate checks after dining together; but for elderly people, they often stand their hands in turns without the need to separate checks, therefore, the applicability of this shared payment feature is relatively low and less appealing to them to continue using.

As a consequence, when probing with financial innovation, local financial industry should make changes as local customs change and precisely comprehend the living requirements for customers with different backgrounds, thenceforth to provide financial products and services that can truly create a pleasant life experience that customers are loyal to.