Impact of the Pandemic on Consumer Financial Services: 2021 Update (Canada)
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How COVID Impacts to Financial Services Have Evolved in 2021
In 2020, Phase 5 conducted a study of over 2,000 North American consumers to better understand how COVID-19 in its early days had affected their attitudes and behaviors related to consumer financial services specifically.
In 2021, we returned to the Canadian market with that same study plus a few additional questions given the context and wisdom provided by another year. Findings from this new study (and its comparison to previous results) have given us insights regarding key elements of the “new normal”, and the financial services FIs can offer to meet consumers’ needs. Insights include:
What proportion of consumers are planning a major purchase in the next 12 months?
How are consumers planning to finance those big purchases?
When do consumers tend to rely on their Primary Financial Institution, and when do they shop elsewhere?
Download the topline report here, and then contact us for the full report or a report customized for your business.
