SYKES for FinTech Survey Reveals Consumer Behavior Shifts in the Era of COVID-19
- Covid-19 , Payments , Banking
- 25.06.2020 12:26 pm
A new SYKES for FinTech survey finds many U.S. adults are new users of financial technologies, specifically in response to the COVID-19 global pandemic.
SYKES for FinTech’s new report, “ Americans’ Digital Banking & Consumer Behavior Shifts in the Era of COVID-19,” shares insights from 20+ questions asked of 3,000 U.S. adult consumers in June 2020. The report reveals how COVID-19 has affected, and even redefined, how U.S. consumers now approach digital banking and financial technologies and how they predict their shopping habits will look post-pandemic.
“Fintechs have introduced transformative, easy ways for consumers to engage in mobile money management and e-commerce, and this survey report points to areas that seemed anecdotal and confirms them, while also uncovering some new and surprising consumer learnings,” said Hilary Hahn, Vice President of Emerging Brands + FinTech.
Highlights from the new report include:
- 11% of respondents who use payment apps to send or receive money say they used mobile payment apps for the first time due to the global pandemic.
- 16% of respondents who use personal finance/budget apps to manage their money say they used personal finance/budget apps for the first time due to the global pandemic.
- 21% of respondents who use investment/stock trading apps to manage their money say they used investment/stock trading apps for the first time due to the global pandemic.
- 37% of respondents who order groceries online or through an app say they ordered groceries online or through an app for the first time due to the global pandemic.
- 37% of respondents believe they will purchase more items online or through an app than they did before the global pandemic.
- 12% of respondents say they will only use contactless payment going forward.
The “next normal” may cultivate new consumer attitudes that are applied to money management and shopping. From digital banking solutions to omnichannel retail experiences, the FinTech industry is looking hard at how consumers are adapting to this new way of life. By viewing the trends and implementing new services and strategies, financial technology can be ready for whatever comes next.