Consumer Finance Perspective: the New Normal was recently published in the Spring 2022 issue of Financial Brand Insights digital magazine. This article by Phase 5 Partner Steve Hansen explores how consumers are feeling and acting (with respect to financial services in particular) now, after 2 years of living with COVID-19 reality and uncertainty.
Phase 5 subscribers and followers will remember the release of our update to the COVID Impact on Consumer Financial Services Study in late 2021 (Canadian and US versions available). Findings from that study were compared to findings from the 2020 version, and this comparison formed the basis for Steve's article for Financial Brand.
As financial institutions plan for the future, the article identifies 3 key insights to help guide their strategies:
- Consumers today are less likely to delay major purchases (e.g. vehicles, renovations, travel),
- They are more likely to shop around for the best financing options, and
- They are more likely to explore options beyond their primary financial institution.
It goes on to share several statistics that illustrate exactly how (and how much) the above metrics have shifted, and what the shifts suggest in terms of products and services that will best match consumer needs and behavior. Click here to view the complete article, and contact us to discuss how your organization can make the most of the "new normal".
The Financial Brand is a digital publication focused on marketing and strategy issues affecting retail banks and credit unions. It is a respected resource for C-level banking executives looking for the latest ideas, insights and information about how financial institutions build their brands. Insights is the Financial Brand's interactive digital magazine with ideas and insights affecting the big, strategic decisions in banking. Phase 5 is proud and honored to be included in this important publication.