The 5 emerging financial tribes banks need to know about

By Kate Birch
For banks to thrive in a digital future, they must stay ahead of the consumer behaviour curve – which consists of 5 financial tribes, says Mambu

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 those groups with products and experiences that meet their shared values and financial needs.

That’s the message from SaaS cloud banking platform Mambu, which has identified five new and emerging financial consumer tribes.

Gone are the days of traditional audience segmentation and a one-size-fits-all model, in which customers are divided based on how much they earn, or simple demographics, says Mambu CEO Eugene Danilkis. Instead, a post-pandemic world of open finance and rich data has given birth to “dynamically changing groups within society”.

And with 75% of global consumers now more likely to use digital banking in the next few months than before the pandemic, according to Mambu research, more than ever before, banks need to understand new consumer behaviours, demands and lifestyles in order to appeal to them.

Banks on the back foot with digital transformation

The bottom line is that banks are on the back foot, both when it comes to understanding consumers and responding with relevant services and products. They have not shifted far enough or fast enough and the acceleration of digital transformation during the pandemic has caught them off-guard.

“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,” says Tom Cheesewright, Applied Futurist. “Banks whose plans for transformation were based on pre-COVID predictions have been left behind by customers who have found new ways to manage their money during the pandemic.”

It’s clear therefore that to thrive, banks must understand the needs of emerging consumer groups in order “to appeal to them with products and experiences that meet their shared values and financial needs”, says Danilkis.

He adds: “Each tribe tells us something significant about the way consumer behaviour is adapting and what banks must do to stay ahead of the curve”, if they want to remain competitive in a post-pandemic world.

Five financial consumer tribes unveiled

So, who are these five emerging consumer tribes?

Having surveyed more than 4,500 banked consumers globally, Mambu identified these new groups, understanding their shared values and what makes them tick.

The largest crowd globally, accounting for a third (33%), with the majority (57%) over the age of 35.

Who are they? Typically middle-aged but tech-savvy, they have recently adopted digital banking during the pandemic. They are comfortable managing their money online but do still often use cash to pay for goods/services. They value accessibility, ease of use and customer service excellence.

How to engage them? Develop a hybrid customer experience model centred on user needs and where they want to fulfil them. Capitalise on their growing tech confidence to provide new functionality to keep them and support their digital journey via continued education.


Currently the second-largest tribe, making up 31% (with half aged 18-34), they are also the fastest-growing group.

Who are they? Young, well-educated, digitally-savvy, and purpose-driven, they have a great awareness of climate change and want to make a positive impact on the world. They value meaningful social action from the brands they put their trust in, have a socially conscious mindset, and their decisions are driven by their ethical values and social responsibility. They value experiences over ownership of assets and have some of the loudest voices.

How to engage them? As the largest proportion of consumers globally with growing spending power, it’s key to listen to their needs. Ensure sustainable values are truly embedded across your business. Demanding in their expectations, ensure you offer an unrivalled combination of tailored services and flexibility.


Making up nearly a quarter (23%) of respondents globally and predominantly middle-aged or older (more than half are aged over 35).

Who are they? They lead busy lives and are often time-poor, juggling responsibilities, and are driven by function and utility. Flexibility matters and they are one-stop shoppers who demand hassle-free solutions. They are tech-savvy and discerning and demand the best.

How to engage them? Time matters to them, so ensure speed, flexibility and ease of use are at the core of your banking services. Ease of use is also key so always communicate the brass tacks of a product or service first and bring services together under one roof.


The youngest tribe globally, with almost two thirds (64%) aged under 35 and a quarter under 25.

Who are they? Entrepreneurs who have set up their own business during the pandemic, or plan to set one up. They are consumed by their work and are dedicated savers with an investment mindset. They are in need of easy-to-use and reliable business banking services, therefore. Entrepreneurial by nature, they are also more open to embracing new payment methods and non-traditional assets.

How to engage them? Ensure you have favourable business services including tailored SME support and lending packages. Offer always-on, reliable banking for business and ensure services are fast-track and easy to use so they can focus on their business. Finally, reward their money-saving efforts with cashback offers and competitive loyalty programmes and ensure delivery of best-in-class financial advice services.


The smallest group, but one that is rapidly growing globally. Two-thirds are male and over half are under 35.

Who are they? The newest consumer group in society, they are seeking to buy, trade and hold new assets, such as cryptocurrencies, non-fungible tokens, fractional shares and in-game assets. Mainly younger males, they often feel priced out of traditional assets, like property and bonds, so are creating their own. They have an investment mindset and are naturally cautious in their spending habits.

How to engage them? Be crypto-friendly and open to change. Offer cryptocurrency services to enable customers to buy, trade and sell freely in their currency of choice. Prioritise financial advice services to help them reach their financial goals and maximise their ROI.


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