As with all major events including the current outbreak of COVID-19, there is a change in behavior among the population. The Nielsen Company has produced an intriguing article, KEY CONSUMER BEHAVIOR THRESHOLDS IDENTIFIED AS THE CORONAVIRUS OUTBREAK EVOLVES, and has discovered 6 behavior thresholds. Understanding these consumer behaviors is important. In order to provide assistance to your cardholders, you must understand how they behave during and after the shift.
As we know, “trends”, in place prior to the outbreak, lead to continued adoption of all things digital, especially digital banking. This article is telling us that due to today’s climate, utilizing online shopping and e-commerce will have a sharp increase. With time, this increase will level out and people will return to their daily lives while living “a new normal”. That “new normal” (#6 in the graphic) for cardholders includes continuing to use e-commerce as typical behavior.
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How do Financial Institutions Prepare for This Current Behavior Shift?
We see first-hand banks, credit unions, customers and partners adapting to necessary precautions for their personnel and cardholders. Those changes are truly critical in returning to a new normal for everyone.
With this new normal of online payments, the best thing an FI can do is become Top of Wallet®. Then, when consumers move to online shopping for items they bought in stores, their card will be used without friction.
How can an FI ensure their card is being utilized for this online shopping and be ahead of this shift?
A Card-on-File solution to enable cardholders with the easiest and quickest way to place your card as the default payment on their favorite sites. Strivve provides easy and affordable solutions to update credit or debit cards to the default payment method, empowering cardholders to shop and pay online using your payment products, without any friction. Achieve benefits for your brands and your cardholders by solving a tedious problem for cardholders and obtaining Top of Wallet prominence for your institution.
Learn more at strivve.com.