RFi Group’s Global Reports investigate and reveal the very latest in customer reactions to current financial conditions affecting them due to Covid 19. This provides financial institutions with unique data driven insights into how to most effectively design their strategy and meet their customers’ needs.
16th June 2020: RFi Group’s latest global data showing severe negative impacts to businesses across multiple Asia markets during the current COVID-19 pandemic, and outlining what banks can do to help alleviate the strain.
RFi's latest global financial insights are based on interviews with 36,000 consumers, 18,000 businesses and 4,000 merchants in April/ May 2020 across 18 markets. Tackling issues such as the impact of C-19 on customers’ financial behaviours, what customers are looking for from their banks and payment providers, plus much more.
Key Factors Across Asia
- Mainland China: 38% are seeking reassurance on bank stability and security of their funds
- Singapore: 43% want reductions in merchant fees
- Indonesia: 38% need help to complete tasks away from the branch
- Malaysia: 37% want temporary discounted interest rates on loans
- Hong Kong: 38% want access to short term credit
- Thailand: 25% want deferral of card and loan payments
For more information on the most comprehensive global study on C-19 and its impact on banks and their customers, please complete the form below and we will be in touch.
'Understanding the New Normal' - A Global Report
How can financial services institutions react, adapt and support customers in these unprecedented and unpredictable times?
RFi Group’s report – Understanding the New Normal - investigates how consumers are reacting and adapting to a rapidly changing and unprecedented environment.
The study takes a timely deep dive into changing customer attitudes, behaviours and usage of banking products, banking channels and payments vehicles.
The study also examines closely the impact on vulnerable customers, providing insights on the challenges they face, their particular product and service needs, and the triggers to becoming vulnerable.
Key insights in this report:
- Critical insights for any organisation trying to react in the current environment
- Comprehensive analysis illustrating key consumer trends on how consumer behaviour is changing and the impact on their spending, borrowing, savings and payments behaviour
- Data driven answers to crucial questions of how institutions can best support specific consumer segments, including vulnerable customers, with the right actions at the right time
Key reasons to get this report:
- Determine the state of consumer sentiment and its trend over time
- Understand changing consumer attitudes to spending, borrowing, saving and investment
- Develop fast market leading strategies to engender loyalty and support your customers
- Size and segment the real-life impact on consumers of the ‘new normal’
- Understand what consumers want and need from their banking and payments providers at this game changing and crucial time
- Understand the key drivers behind changing customer experience and expectations and what support will meet their new needs and demands
- Gain actionable insights to assist in the development of informed strategies to effectively and sensitively serve vulnerable customers
Key questions addressed in this report:
- How is consumer behaviour changing in relation to banking and payments? What does the new normal look like? Including;
/ Channel behaviour: The role of the branch v’s other channels, the impact of branch closures, the impact on digital services
/ Product behaviour: What banking products will consumers need, take up, retain and abandon as their spending, saving and borrowing habits change
/ Payments behaviour: How will consumers change their behaviour in relation to cash usage, contactless payments, virtual cards, usage of other card not present vehicles and electronic payments as well as BNPL services
- What are the key pain points that customers are facing that financial institutions should urgently seek to address? How does this differ across demographics?
- What do consumers need from their banking and payments providers at this time? Where should financial services institutions focus their efforts?
- How is customer vulnerability changing? Focusing on key vulnerable customer groups including Health/ Life Events/ Resilience/ Capability
- How can financial institutions provide even further support and guidance to effectively and sensitively serve vulnerable customers?
Analytical comparisons covered:
- Age and life-stage
- Income and family status
FOR MORE INFORMATION - Simply enter your details below.
RFi Group is a global data-driven insights provider exclusively focused on financial services. We specialise in data and information gathering, customer-based insight generation and business decision support for the world’s leading financial service providers, as well as challengers, disruptive market participants and companies aligned to the FS sector.
We combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service.
Covering 48 key global markets, with regional offices in Toronto, London, Singapore and Sydney RFi Group consistently provides clients with tailored advice and insights relevant to their specific market and business needs.