Banking and Payments Survey 2020 – Finding Consumers Pain Points and Changing Sentiments
All the vital news, analysis, and commentary curated by our industry experts.
This report provides actionable insight from our 2020 proprietary global survey, spanning banking, wealth, and payments. The report catches the trend in consumer sentiment around a variety of topics and shows how traditional, digital, and alternative banking providers can achieve their unique goals by tailoring their propositions towards select customer groups.
GlobalData has used its 2020 Banking and Payments Survey to comprehensively understand the main ways that financial services providers can change for the better. Whether it is finding customers’ pain points, changes to consumer sentiment across financial services, threats to incumbent providers, or gaps that alternative players can exploit, this report seeks to bring the most important questions to the fore and give providers actionable answers to each of them. This will help traditional and alternative FS providers re-evaluate their propositions, grow across current and new segments, as well as attract new types of customers while retaining existing ones. And unlike in previous years, our survey looks at the precise moments when consumers begin to hold more products (with our life events) and when customers want to leave for another provider (with our personas).
– Banks must continue to improve the user experience by increasing simplicity and removing pain points from the customer journey. This is considered the key attribute by virtually everyone, and more important than either low costs or providing high returns.
– Over the last two years, younger customers have become significantly less bothered about where they go for financial services, with strong links between being open to an alternative FS provider and holding a strong set of personal values. This is something digital-only banks and smaller players can take advantage of.
– Customers remain skeptical about the benefits of open banking, with older consumers still outright hostile. However, if providers can offer customers a better banking experience they will be happy to share their data.
Reasons to Buy
– Gain insight at the consumer level about the banking, wealth, and payments markets.
– Learn about threats to incumbent and alternative providers, as well as potential opportunities post-COVID-19 around attracting and retaining young and affluent customers.
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I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.