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JPMorgan Chase Survey: Consumer Relationships Have Changed During Pandemic

The Fintech Times reports on a new Chase survey examining consumers’ evolving relationship with cash, savings, and digital banking tools one year after the start of the pandemic.

The survey was fielded between April 23-26, 2021, consisting of 2,005 men and women, between the ages of 18 to 57+. The primary finding, to no one's particular surprise, is that customers desire personalization in the form of tools and information.

Businessman using mobile online banking and payment, Digital marketing. Finance and banking networking. Online shopping and icon customer network connection, cyber security. Business technology.

From the survey:

  • Gen Z are Early Adopters: 79% of Gen Z respondents said they would want more personalized offers or information from their banks to help them achieve their financial goals and save at their favorite retailers.
  • Personalization Boosts Savings: 41% of respondents wish their bank provided more personalized offers or information to help them achieve their financial goals, and save at their favorite retailers.
  • 48% of respondents believe personalized banking data, such as their spending habits, would help them to make changes in how they spend their money

Also -- and, again, not unanticipated in a pandemic environment -- digitalization is important and becoming more and more expected.

A strong majority of consumers cited they prefer to deposit money into their account using a mobile app. Mobile deposit options, like Chase QuickDeposit, provide flexibility to consumers, allowing them to deposit checks from virtually anywhere.

Again, from Chase's survey:

  • Deposit Dependency: 89% of respondents use a mobile app to deposit money at their bank.
  • Mobile Deposits Increase from Baby Boomers: More than half (52%) of Baby Boomers are now using mobile apps to deposit money in the bank.
  • Shared Preferences: Almost equal percentages of men (91%) and women (87%) use a mobile app to deposit money at their bank.
 Mobile RDC to deposit checks is an essential offering for banking apps.

Contactless payments saw a surge, as might be expected in a pandemic situation.

  • Cash hasn’t been recrowned the king, yet: 13% of Baby Boomers and Gen Z agreed they would not feel comfortable using cash again, even post-pandemic.
  • Contactless Payments are a Must: 47% of respondents have started or continued to use contactless payment options in 2021 to avoid physical interactions amid the ongoing pandemic.
  • Convenience is Key: 73% of overall respondents also believe contactless payments are a more convenient form of payment.

The results of the survey aligns with a previous post explaining that banks need to deploy digital technology and merge with a customer-centric strategy. Customers are looking for their banking and financial apps to be personalized to their needs and goals. This includes, of course, their desire for contactless deposits and payments.

Consumer expectations continue to rise, and banks and financial institutions must provide a quality service that meets or exceeds those expectations -- not just in mRDC, but in terms of a consistent experience throughout all channels. Deploying OrboGraph's Anywhere Recognition with OrbNet AI across the omnichannel ensures that banks and financial institutions achieve recognition and accuracy levels of 99%+, assuring "above and beyond" customer satisfaction and safety.

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