This Spring, the team at KNow were lucky enough to partner with Logica Research on the latest wave of the Future of Money Study. The experience taught us much about connecting with consumers on financial service topics during these volatile times.
Participants are more willing than ever to open up about their finances. It has always been a point of pride that the expert investigators at KNow are able to connect empathetically and create safe spaces to allow people to talk about their financial lives. And in the Spring of 2020, we’ve noticed a comfort-level shift. Participants of all demographics are more open about the topic; the taboo of talking about money may be lifting.
Why consumers are opening up about finances:
We at KNow strongly believe that fostering financial literacy – as well as encouraging financial conversations – are key in closing the financial gender gap. We’ll continue spearheading financial conversations within our industry, for our clients and with our participants to continue to lift the taboo.
The Future of Money Study survey data, qualitative conversations and client presentations all focused on a trend; the rapid shift to digital payment and money management tools. While we have spent years hearing from customers how ‘I still need a bank with a branch near me, just in case!’ and ‘I don’t trust payment apps because of security concerns.’ Now – often by necessity – participants tell us they have started using Venmo, PayPal, Zelle, mobile banking apps and online-only accounts during the crisis.
Why consumers are quickly going digital:
While some consumer behaviors may not outlast the crisis, we believe this one will. We expect to see participants remaining comfortable using digital financial service apps, tools and sites. This is good news for brands looking to expand their digital offering and increases the need for more usability studies, revisiting customer journey frameworks
If you’re interested in reading more of the insights gathered in the study, feel free to download the ebook or set up time for a personalized Future of Money presentation here: https://calendly.com/katrinanoelle/katrina-noelle-futureofmoney
Our new quantitative partner, Logica Research, excels in creating customized marketing research solutions for complex business questions. Logica provides financial services companies, fintech companies, and growing organizations the insights they need for product development, service enhancements, and communications that will improve people’s financial lives, deepen brand engagement, and drive business growth. KNow partners with Logica on financial services projects and the Future of Money Study; understanding Americans’ mindset around money.