How the pandemic has changed the way people use credit
The COVID pandemic has impacted all aspects of our lives - from relationships and work to leisure. People’s financial situations have also changed, some for better and many for worse. The way people spend, borrow, and plan for the future, has been entirely reshaped by the uncertainty and unpredictability of the past year. In this new normal, what institutions and regulators thought they understood about people’s relationship with money and credit may no longer be valid.
Using a behavioural economics lens, we identify and dissect 5 important trends and dilemmas of credit in the new normal that will offer a crucial tool for institutions seeking to develop a more effective understanding of financial decision-making in their target demographics:
- Scarcity mindset
What is it and how can you leverage your understanding of it to better support your customers?
- Buy Now, Pay Later
How does BNPL influence spending behavior?
- Personal Finance Apps
Do they work and how can they be improved?
- Intangibility of Credit
How does the method of purchase influence our spending?
- Real Estate Affordability
What is driving up prices?
We discuss how these themes affect consumer decisions about credit in the short and long term, and shed light on their implications both for commercial firms working with product innovation, collections, and customer care, as well as policy makers looking to protect the financial welfare of consumers coming out of the pandemic. This webinar will provide leaders with insights that can help drive recovery and growth.
Featured speakers include: