Post-COVID-19 Consumer Banking Sentiments
Delivered May 28, 2020. Contributor: Lura J.
Goals
Determine what consumer sentiment is toward banking products (such as mortgages, refinancing, checking, and investments) following the outbreak of COVID-19 to help inform a marketing strategy for the remainder of 2020.
Early Findings
Mortgage Demands are Up
Recommendations Per Banking Industry Analysts
- Liquidity is a major concern for consumers and banks are advised to strongly consider whom they could feasibly make a personalized offer to.
- Retirement savings have shrunk considerably, driving demand for "simple, affordable, guaranteed investment products."
- Digital banking use has increased by 10-20 percent across Europe in April, prompting banks to focus on their apps and associated customer experience.
- Consumers are most interested in banks that will waive fees if they have been impacted by COVID-19.
Related Findings on Consumer Economic Sentiment
- Sustained disruption: 53 percent of U.S. consumers polled between March 15 and May 3, 2020, anticipate that their personal finances will be impacted by COVID-19 for 4 months or longer, indicating a sustained duration of financial turbulence.
- Increasing pessimism: As of May 3rd, consumers in the U.S. were 33 percent optimistic about the country's economic recovery following the outbreak of COVID-19, compared to 37 percent on April 5th. This indicates consumer confidence is decreasing.
- Declining income: 41 percent of U.S. consumers polled between March 15 and May 3 said their income decreased in the past two weeks.
In addition to this public search, we scanned our proprietary research database of over one million sources and were unable to find any specific research reports that address your goals.
Summary of Early Findings in Relation to Goals
The first hour of research involved outlining the project to determine if the requested information is available.
Most banking or market research pertains to consumer confidence in the economy as a whole (finding that consumers are increasingly pessimistic and are contending with acute and chronic economic impact). This data can be used to triangulate how consumers will respond to the COVID-19 crisis based on historical data, and so it was shared above.
There is information available from news sources on the attitudes of consumers toward banking products. Consumer sentiment toward mortgages was thus included above.
Based on our early findings, we recommend the following next steps to inform a marketing strategy for 2020:
Research proposal:
Only the project owner can select the next research path.