Tracking Consumer Behaviors in the Era of Coronavirus
Consumer sentiment toward the industry’s response is generally positive
61%
%
68%
%
61%
%
68%
%
"Putting customers' needs first..."
"Encourage banking online..."
"Show empathy..."
Consumers are adopting new digital banking behaviors
Just over a fourth of consumers are using digital banking tools and resources in new ways, whether it’s depositing a check on their mobile phone or setting up online payments for the first time, and many would talk with a bank representative virtually.
Consumers are adopting new digital banking behaviors
Just over a fourth of consumers are using digital banking tools and resources in new ways, whether it’s depositing a check on their mobile phone or setting up online payments for the first time, and many would talk with a bank representative virtually.
%
%
1/3
Plan to increase use of contactless payment
One-on-one interactions continue to play an important role
44%
"I am more reassured..."
"Problems are better discussed..."
"Opening an account..."
Currently, consumers gravitate toward messaging tied to Coronavirus
However, reactions are mixed regarding the most appropriate focus. Some consumers prefer ads on how banks are supporting customers, employees, and the community. Nearly a fourth lean toward messages that feature specific ways banks are helping customers during this time, such as being flexible with delayed payments. While others like ads communicating that “We’re all in this together,” reactions to this approach appear polarized.
Currently, consumers gravitate toward messaging tied to Coronavirus
However, reactions are mixed regarding the most appropriate focus. Some consumers prefer ads on how banks are supporting customers, employees, and the community. Nearly a fourth lean toward messages that feature specific ways banks are helping customers during this time, such as being flexible with delayed payments. While others like ads communicating that “We’re all in this together,” reactions to this approach appear polarized.
Ways banks are helping customers (i.e., delayed payments)
"Everyone went down the 'we're all in this together' route..."
“I feel like everyone went down the “we’re all in this together” route and I’m sick of seeing it from big companies who pay their CEOs thousands more times than I make in a single year. I’m more interested in what they’re doing to protect and aid their employees and the community, and the safeguards put in place for the customer’s safety.”
"Sensitive to the needs of society..."
"Create a sense of togetherness..."
“The community as a whole is experiencing an unexpected hardship. By supporting each other, we create a sense of togetherness and know that we can rely on certain individuals/institutions during the good times and the bad times.”
How banks are supporting customers, employees, and/or community
Ways banks are helping customers (i.e., delayed payments)
As consumers adjust to the pandemic’s impact, they are open to advice
As consumers adjust to the pandemic’s impact, they are open to advice
%
Preferred channels
for financial guidance
%
%
%
%
Preferred channels
for financial guidance
%
%
Website
%
Mobile App
Learn more from your customers
Our research points to a number of ways consumer banking behaviors are evolving. Given the level of disruption the pandemic is bringing to our daily lives, it’s more important now, than even a few months ago, to listen closely to the voice of your customer. With a deeper understanding of your customers, you’ll have the information you need to continue assessing their rapidly changing behaviors, anticipate future needs, enhance brand experiences, and deepen customer connections.
Customer Experience
- How have the experiences that matter most to customers changed?
- How lasting, if at all, will these changes be?
- In what ways are product/channel usage and satisfaction shifting?
- What new innovations will your customers need going forward?
Usability Testing
- Are there digital channel usage pain points that need addressing?
- What information and/or support would ease digital adoption?
- What unmet needs could be fulfilled by new digital tools?
Brand Health
- Are customer perceptions and emotional associations with your brand shifting?
- How well aligned is your brand promise with customer perceptions?
- What opportunities exist to strengthen your brand reputation?
Advertising Testing & Effectiveness
- What key messages resonate strongest with your target audience?
- What effect is your advertising having on your KPIs?
- How are marketing communications performing vs. key competitors?
Research Methodology
The Dieringer Research Group, Inc. (The DRG), conducted a nationwide, syndicated online survey among 501 consumers using an online panel. Data collection for Wave I took place April 15-17, 2020, Wave II was conducted between June 9-10, 2020. To qualify for the study, participants needed to be 18 years of age or older, either the primary or shared financial decision maker in their household, and currently have either a checking or savings account. The resulting data was weighted to the U.S. Census for the banked population by age, income, ethnicity, gender, region, and education.
About The DRG
We are a full-service marketing research firm specializing in CX, BX, EX research, product development & testing, and advertising & communications effectiveness research across industries such as banking and finance, healthcare and insurance, agencies, and utilities. We help clients learn from their customers and swiftly leverage that knowledge so they can elevate their brand and be equipped to better serve the consumer of tomorrow. The DRG is certified as a Women’s Business Enterprise by the Women’s Business Enterprise National Council (WBENC).
