Consumer Finance Beyond the Pandemic

December 2021

This report examines how the future of globalisation, the future of work and education and future priorities and preferences have changed for the consumer finance industry. Innovation in payments are driving greater merchant acceptance and consumer use of paper payment alternatives across markets and consumer segments. The shifting retail landscape and smartphone adoption is contributing to rapid m-commerce and in-store mobile phone proximity payments.

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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.

 

Scope
Key findings
The World Beyond the Pandemic: the big picture
Future of Globalisation
Future of Work and Education
Future Priorities and Preferences
What does the World Beyond the Pandemic mean for consumer finance?
Consumer recessionary behaviour returns during pandemic
The 5-step consumer progression of COVID-19 for consumer finance
Long-term impacts of COVID-19 on consumer finance
The accelerated shift away from cash for payments
More consumers adopt financial services
Proximity m-commerce and contactless become standard
Major behavioural shifts shaping long-term consumption
Digital living: payments integrated into shopping
Home-centric lifestyle: meeting consumers at home
Social and environmental responsibility: focus on sustainability and inclusion
Value: key driver in consumer card decision
Challenges to overcome
Key areas of opportunities
Companies are meeting the needs of consumers using various strategies
Case study: M- Pesa increases financial literacy in Africa
Case study: NH NongHyup Bank launches virtual branch, Dokdo
Case study: Doconomy’s credit card helps limit climate impact
Case study: Tred to launch the UK’s first green debit card
Case Study: N26 partners with Lime to promote urban micro-mobility
Case study: Interac contributes to the modernisation of Canadian mobility system
The World Beyond the Pandemic
Key learnings for consumer finance
Become tomorrow’s next leader

Consumer Finance

This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.

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