The banks’ business models were already under significant pressure before COVID-19 forced the global economy to a halt. Yet the multitude of lockdown measures forced banks and financial institutions to rethink and reshape their service offering in line with new consumer behavior and expectations.
Entering 2022, we see people trying to reclaim their lives and re-evaluate how they spend their time, their energy and their money. As fourth in a series of five, this blogpost will highlight three trends from our 2022 Consumer Trends report which we feel will shape finance in the year to come.
Today’s technology is helping people to stay connected while physically apart. Inclusive Connectivity is about breaking down physical hierarchies and connecting those that might feel disconnected. Given the precarity of today’s global economy, brands play an important role in driving greater resilience and inclusivity – which is also what consumers expect from brands.
The trend – with a global trend score of 72% – is expanding in Asian regions while still being nascent in other parts of the world. This provides a big opportunity for brands to tap into the space, especially in the finance sector. Notions of wealth are being redefined as money and values become increasingly entwined. Consumers are changing their financial preferences based not just on personal values but on how brands share these values and help them create a wider impact.
Technological advancements are allowing financial players to service niche and overlooked segments, as such widening the accessibility and inclusivity of financial services. An example is Purple, a focused mobile-banking app designed for people with disabilities, which was founded by the makers of youBelong (the first social network exclusively for said people). Purple provides an affordable inclusive financial service (current account, debit card, and financial platform) to a group of customers previously mostly overlooked by traditional institutions. Another great example is Ajaib, a brokerage app which is educating Indonesia’s youth on investments – all with the mission to increase financial inclusion.
A second trend where consumers recognize finance to be a major playing field, is Resilient Structures, with a trend score of 71% globally. As we re-enter society at our own pace, we want to feel safer and more confident in our immediate surroundings. We expect brands to provide us with tools that make us feel less vulnerable, especially in financial services where cybersecurity is being challenged.
During the pandemic, there was a massive migration towards virtually accessible financial services. This amplified the risks consumers were facing, with fraud incidents expanding on digital channels, which lead to growing investments in cybersecurity. Which in turn brings opportunities to redesign the experience, making for a safer, more resilient environment. Chubb Singapore and StarHub, for example, have partnered to launch CyberCover, a cyber-protection policy to offer financial protection to StarHub’s mobile and broadband customers.
We have gained a deeper appreciation for money, time and relationships, creating a whole new set of value systems and priorities. A trend we label as ‘Uncompromised Values’, with a global trend score of 75%.
In finance, we see people look for more choices to manage their finances based on social responsibility, inclusiveness, or other personal values with purpose-driven approaches while balancing materialistic views. Brands can play a role in supporting new ways consumers choose to invest money and time, by communicating a value proposition that resonates.
Wahed Invest is integrating faith and finance as the world’s first Halal Robo-Advisor, while PayPal’s Generosity Network is expanding the way consumers can manage finances and give directly to charities, individuals, and businesses.
Inspired by these trends but not sure what to do next?
Check out our blogpost on three ways to take trends forward for actionable next steps.
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As experts in people-centric future thinking, we identified 10 consumer trends for 2022, and we validated these with 15,000 consumers in 17 markets around the globe. This report shows the emerging trends that are shaping the 2022 consumer.
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