The pandemic has disrupted consumer expectations. And – generally speaking – banks have done a good job at meeting (sometimes even exceeding) consumer demands. But the evolution is not nearly over yet. Banks will need to remain nimble to move into the new reality stronger than before.
The deep impact the pandemic has had on our lives is undeniable. We work differently; we make different purchase decisions; we spend our leisure time differently; and we interact with others differently. Indeed, when I compare how I “lived, worked and played” before the pandemic to today, it becomes obvious how much my life has changed. I’m sure yours has, too.
While these reflections are interesting on a personal level, the sheer scale, pace and continuous nature of the disruption to consumer patterns and expectations has been life-changing for businesses and banks. Predicting the long-term impacts has been challenging.
That is why, since the initial phases of the pandemic, KPMG International has been surveying consumers to find out about their expectations, preferences and plans. We’ve done half a dozen ‘waves’ of consumer interviews, involving more than 75,000 consumers across 12 markets. We asked them questions about their banking preferences and financial situations. Some of the high level results have recently been published in KPMG’s Responding to consumer trends in the new reality (PDF 2.3 MB).