Consumer Finance Beyond the Pandemic

Delivery

This report comes in PPT.

Key Findings

Consumers increase adoption of financial products and services

Digital banks and widespread adoption of smartphones has made financial products and services more accessible than ever before. Record adoption has driven the increase in the banked population across the world.

M-commere driven by shifting retcail format

M-commerce has been steadily increasing but saw greater growth during the pandemic as consumers were forced to purchase more goods online. The shift to m-commerce has given rise to a new range of digital marketplaces and payment platforms that could challenge the traditional payment players.

Contactless and proximity payments becoming standard

For in-store shopping, proximity payments became a way to reduce physical contact so was favoured by consumers. Merchants also wanting to provide a safe environment were quick to accommodate the preference and invested in technology to encourage less friction.

Financial card rewards shift to provide more value to consumers

What consumers value was also impacted and moved consumers away from travel or experience based card rewards to more practical value based rewards. The value based promotions were often discounts at selected merchants or cash back or statement credits.

Fintech providing additional value to payments

With the migration of retail online, many fintech companies have emerged to address conversion problems. This can be providing additional security, enhancing the consumer-to-merchant relationship or leveraging data about the specific customer to offer targeted rewards.