MasterCard, in collaboration with GfK Roper Consulting, has identified the seven consumer trends that are having the greatest impact on the banking and payments industry. Interestingly, “Finances @ the Foundation” is the number one trend across all segments with the exception of Youth.
While each of the seven consumer trends needs to be understood individually, looking at them as a group reveals three high-level themes:
– Consumers are looking for affiliations not only with people, but also with companies and brands that help define who they are as individuals. Companies that can demonstrate knowledge of their customers and make connections with them or help them connect better with one another will be in the driver’s seat.
– Technology has made the world smaller and has provided a platform for consumers to make connections with friends, acquaintances, and even strangers. Consumers have become used to giving and receiving information about products and experiences, and have become a powerful constituency that can help or hinder business growth.
– Too much of a good thing—specifically, technology and choice—can be a turnoff to customers. There is a fine line between providing options and overwhelming consumers with too many data points. While they are looking for customization to showcase their individuality, consumers also appreciate help winnowing down the choices.
1. CFSI, “Financial First Encounters: An Examination of the Fractured Financial Landscape Facing Youth Today,” December 2010.