Keeping an Eye on Banking Behaviors During the Crisis

May 12, 2020, by , in Blog, no comments

Our current crisis provides unique challenges for the financial service industry

 

Looking at consumer finance and banking, let’s explore how audiences may pivot in nuanced ways during and after this crisis. All of this could be seen by applying digital ethnography and listening to the voice of the consumer as they talk to peers right now:

Banking and The Family
– How anxiety and sheltering in place is changing activity and anxiety about money
– How families will begin to plan differently for what they need loans for, or even credit card benefits
– How is their handling of money and banking being discussed during the crisis?

Demographic Shifts
– How online banking expectations may now create new expectations even among older individuals
– The college student’s accounts: how mid-year interruptions may change preferences in where they bank
– How will “first-time” economic events change: car buying, home loans, even first checking and savings

Broad Economic Impacts
– How does being furloughed change banking needs?
– Attitudes towards brands: based on what they experience and what they have heard (even about the PPP loans in the media)
– Planning financially for post-crisis: a desire to stay more stable and to have peace of mind

…And of course, how to message to these audiences. All underscored by the fact that right now they will be the most active that they’ve ever been online. So much behavior we can use to our advantage for insights!

– Dean Browell, PhD

If you’re interested in how Feedback can help, reach out and we can customize a discreet plan and approach that works for you. Let us show you how we can help – contact Dean @ discoverfeedback.com.

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