Sep 2021 | Data Insights | COVID-19, Report

The world is still grappling with the mental, emotional, and financial toll of the Covid-19 pandemic but there are clear signs of hope and resolution ahead.

Consumer concerns about their personal finances have started to ease for the first time since June 2020. And there’s a groundswell of opportunity for businesses to serve the growing ranks of “connected customers”—putting the consumer truly at the heart of the relationship.

Key insights:

  • 60% of consumers are using a universal mobile wallet – for online and/or in-person contactless transactions
  • Top 2 activities among consumers online are personal banking (58%) and ordering groceries and takeout food (56%)
  • 90% of businesses have a strategy in place related to the digital customer journey; 47% of businesses put this strategy into place since Covid-19
  • 41% of businesses intend to use AI to acquire and onboard new customers
  • 55% of consumers say security is the most important factor in their digital experience – this is highest in the UK (73%), followed by Japan (71%)
  • Fraud is the biggest challenge among businesses; 55% of businesses plan to increase fraud management budgets

In this report, we continue our examination of consumer behavior and business strategy throughout the pandemic. For our third wave of insights, we surveyed 3,000 consumers and 900 businesses in January 2021. Our respondents span 10 countries, including Australia, Brazil, France, Germany, India, Japan, Singapore, Spain, the United Kingdom, and the United States.

Over the past 12 months, we’ve observed consumer demand for the digital channel increase at a rate that few could have predicted. The most recent survey shows that these trends are persisting. Looking ahead, we expect that as people get more comfortable with the security and convenience of the digital channel, it will become the preferred—if not permanent—way to bank and shop.

Part of what’s driving the continued demand: Positive digital experiences. Most consumers report they’ve been satisfied with their online transactions, especially when they secure and their financial information is protected. This is remarkable, given the challenges businesses faced to meet online demand while simultaneously adapting their employee and customer operations to the crisis. Businesses rose to the occasion and there’s opportunity ahead.

Our latest report reveals that consumer expectations for digital experiences continue to rise. For example, even as consumers enjoy the ease of online banking and shopping, security is top-of-mind. In response, businesses are renewing their focus on preventing and mitigating account takeover fraud, transactional fraud, and digital takeaway fraud (e.g. buy online and pick up in-store). And they’re looking for solutions they can use throughout the digital customer journey, not just account opening.

Consumers are also looking for greater customer support across digital channels. For example, when a customer is engaging with a business digitally, access to customer service is essential. It’s also an area where many businesses are falling short. However, businesses have made redefining the customer journey a priority and they’re investing in capabilities, such as artificial intelligence and automation, to deliver on customer expectations.

Consumers and businesses have embraced the digital channel— and the promise it offers is only growing. Now as we move toward a new, post-pandemic era, organizations that re-imagine the customer journey and create digital experiences that place customers at the center stand to win.

Download our latest report and find out what businesses are using to help improve the customer journey across digital channels, as they prepare for post-Covid customer engagements.