Understanding and basing business decisions on current and emerging consumer trends is a must if financial institutions hope
to remain relevant to U.S. consumers and fend off new forms of competition.
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.
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.
- Technology has made the world smaller and has provided a platform for consumers to make connections with friends, acquaintances, and even strangers.
- There is a fine line between providing options and overwhelming consumers with too many data points.
1. CFSI, “Financial First Encounters: An Examination of the Fractured Financial Landscape Facing Youth Today,” December 2010.