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2020 Consumer Study is a Guiding Light for Financial Services

The topline reports, Impact of COVID-19 on Consumer Financial Services in the US, and Impact of COVID-19 on Consumer Financial Services in Canada have been popular among Financial Services and FinTech organizations since their release in September 2020. Not only have they been searched, downloaded, and viewed by a continuous stream of financial services professionals, they have also been the feature presentation at recent industry meetings such as NYPAY.

As the study shows, consumers' spending and financial outlook have changed, and organizations are now at a crossroads regarding where to invest or reallocate resources in order to succeed in an uncertain future. Phase 5 clients have been able to make informed choices and reduce risk based on the findings of this study. In addition to the topline report, clients are able to order custom reports that dig into specific topics according to their needs, including:

Financial Attitudes and Behaviors
  • Where are consumers spending more or less?
  • Where are they looking for advice & support?
  • What is their receptivity to new communications and offers?

Banking & Payments

  • What specific banking interactions would you like to do digitally?
  • What new digital payments solutions have you adopted?
  • What type and level of concerns do you have about digital payments?


  • How receptive are you about online investing now vs. pre-pandemic?
  • What value has your advisor / wealth manager provided during the pandemic?


  • In what areas have you reviewed your insurance needs?
  • What digital channels would you like to see introduced?
  • Are you open to using phone or digital channels for new relationships?

Feedback has been strong from clients who have received these custom reports, indicating that 2021 planning has been smoother and that they are more confidently prepared for the coming year(s).

For more information or to discuss creating a custom report for your organization, contact us. We'd love to help you succeed by leveraging our insights to create a sustainable, customer-centric strategy.

Written by Stephan Sigaud

Stephan Sigaud, MBA, is Phase 5’s Chief Marketing Officer. Stephan is passionate about partnering with clients to address their challenges and opportunities around customer centricity. He has more than 25 years’ experience in Market Research and Customer Loyalty and Experience. A past Board Director of the Insights Association, he has also been volunteering with the Customer Experience Professionals Association (as past Chair of the CXPA Toronto Network) and the Canadian Marketing Association (as member of the Leaders Network and past co-Chair of the CMA CX Council).