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New Research Coming Soon: Phase 5's Updated COVID Impact Study

Understanding customer behavior was key to business survival in 2020, as the pandemic changed everything we thought we knew about customer needs, wants, attitudes, and behaviors. That may explain why our 2020 study, COVID Impact on Consumer Financial Services has been so popular. It was the basis of our most viewed online report last year, and was the foundation for presentations with many organizations including The Financial Brand, NYPAY, Delvinia, and the CMA.

Given the study's obvious utility, and the repeated strategic application of its insights over this past year, we've decided to update it for 2021. This second COVID Impact on Consumer Financial Services study will maintain many of the same baseline questions so that we can understand changes and trends since 2020, but it will also include some new questions that are more relevant to 2021. These additions will explore emerging themes and patterns of behavior including:

  • Open Banking - What do consumers know about it and would they be comfortable using it?
  • Buy Now Pay Later (BNPL) - How do consumers perceive this payment option, and is it changing their purchase behavior?
  • Cryptocurrency - Which consumers are investing in cryptocurrency, and how is this segment expected to change going forward?

With these results, we look forward to painting a sharper picture of the consumer financial services market that exists today, as well as how it will continue to evolve over the next few years as global adaptation and recovery continues.

The study is in field now, and we anticipate sharing the findings with our clients and followers in the coming weeks, including at the Digital Marketing for Financial Services Summit on September 28/29. Keep checking back on our site, subscribe to our Insights blog, and/or follow us on LinkedIn or Twitter. As well, contact us now to discuss the opportunity to create a custom report for your organization based on your target customer demographics, behaviors, and market niche.

Written by Steve Hansen

Steve Hansen, MBA, is the President of Phase 5 US. With almost 2 decades of experience in client-side marketing strategy, market research, and product management, Steve brings a client’s mindset and drive for actionable results to each project. He has extensive experience in capturing the view “from the outside” with a special focus on product and service innovation. Steve is based in Minneapolis, Minnesota.