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Pandemic shifted majority of global consumers to digital banking services

In comparison to before the pandemic, 75% of all global consumers are now more likely to use digital banking.

61% of the consumers, according to a report by The Financial Tribes You Need to Know, have made more use out of digital banking since the start of the pandemic. 41% are using digital banking for the first time.

There are 5 groups emerging in the world of consumers banks should be aware of moving forward from the pandemic.

Finger Lakes Partners (Billboard)

Five financial tribes emerging since the pandemic began

First are “techcelerators.” These are individuals that have switched to digital banking after in person banking was no longer an option. They’re the biggest group globally, making up 33% of the 4,500 total consumers interviewed for the report. 57% of that 33% were over the age of 35.

Next were the “ethical bankers.” These bankers were younger and wanted to make a positive impact on the world. They made up 31% of survey takers and 49% were between 18 and 34.

The third largest group are the “convenience cravers.” These are people that simply want everything available to them in one place and they made up 23% of the 4,500. 55% were over age 35.

Finger Lakes Partners (Billboard)

The fourth largest group were the “covidpreneurs,” who created their own businesses and were in need of banking services. This was the youngest group with almost 64% under the age of 35 and 25% under 25.

Finally, the “neo asset hoarders” made up the fifth biggest group of people wanted to buy, sell, trade or hold their assets. Most are male and over half are under age 35.

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Categories: BusinessNews