Member Exclusive, The Customer Effect

The pandemic may be receding, but its effects on consumer banking aren’t

  • Covid has changed the consumer’s relationship with cash, savings, and digital banking.
  • It’s becoming increasingly likely that these changes will far outlive the pandemic.
close

Email a Friend

The pandemic may be receding, but its effects on consumer banking aren’t

Over the last 18 months, it’s become fairly obvious that the pandemic has caused major changes in how consumers perceive and interact with cash, savings, and digital banking tools. What’s perhaps been less obvious is how long-lasting these changes will be, and whether they will outlive the pandemic.

New research shows that even as people around the world get vaccinated and return to in-person activities, the pandemic-induced changes in their financial behaviors continue to persist, and in most cases grow even stronger.

Over the last 18 months, it’s become fairly obvious that the pandemic has caused major changes in how consumers perceive and interact with cash, savings, and digital banking tools. What’s perhaps been less obvious is how long-lasting these changes will be, and whether they will outlive the pandemic.

New research shows that even as people around the world get vaccinated and return to in-person activities, the pandemic-induced changes in their financial behaviors continue to persist, and in most cases grow even stronger.

A recent study conducted by Chase examined consumer behaviors among over 2,000 men and women between the ages of 18 and 57+, with a particular focus on digital banking tools, cash usage, contactless payment methods, savings habits, and the demand for personalized banking services.

Cash continues to lose its hold

Even as the pandemic recedes, cash still seems to be losing popularity, and not just due to Covid-related health concerns. 13% of both Baby Boomers and Gen Z admitted they wouldn’t feel comfortable making cash-based transactions again, even after the pandemic is over.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “The pandemic may be receding, but its effects on consumer banking aren’t”

Sponsored, The Customer Effect

Mobile banking outlook for 2023: Why push notifications are more important than ever

  • Mobile banking usage is quickly growing in popularity as account holders are afforded 24/7 access to their finances and enhanced ease of use.
  • Push notifications enable financial providers to take advantage of this surge by driving account holders to their mobile banking apps and increasing customer engagement.
Larky | December 02, 2022
Sponsored by Visa, The Customer Effect

Holiday travel is around the corner — is it time for a customer experience refresh?

  • New research finds 41% of U.S. adults are planning to travel this holiday season.
  • Nearly three years since the onset of the pandemic, 40% of surveyed travelers reported changing their travel behaviors.
Visa | November 14, 2022
Sponsored, The Customer Effect

Widening access to financial advice in the face of uncertainty

  • Consumers across generations are concerned about their current financial situations, highlighting the need for wider access to wealth management and financial advisory tools.
  • Advisors have a significant opportunity to help more people and grow, but they must first turn to modern technology and embrace a hybrid approach.
intelliflo | October 25, 2022
The Customer Effect

It’s 2022 and FIs are still struggling to make their products accessible. Procure Access wants to change that.

  • Americans with disabilities have a total of $490 billion in disposable income. Yet financial services are struggling to meet accessibility requirements, even with basic tools like PDFs.
  • With Procure Access, everyone from Google to Fidelity Investments is getting involved to ensure accessibility is considered at the start of the procurement process.
Rabab Ahsan | September 14, 2022
Sponsored, The Customer Effect

Creating a hyper-personalized banking experience

  • To this day, a lot of financial institutions are using legacy systems that were written back in the '80s and remain the same.
  • Today's digital banking platforms and card services can offer hyper-personalized experiences to create a unique experience for each cardholder.
Zeta | August 25, 2022
More Articles