Google Search Data Show That During the Pandemic 25% of Consumers Globally Have Tried Paying Bills Online for the First Time
Over the long course of the pandemic more consumers turned to digital to address their needs. 3 main trends that Google identified are:
1) Consumers want to do more things on their own. Google say they saw 400% YOY increase globally in searches for ‘mutual fund app’. The data suggest that consumers want to take control over management of their funds and investments online.
2) For more than a decade, in all of our digital advertising industry updates and conferences, we have been talking about ‘the year of mobile’. While mobile is now here, and in general we are seeing stronger and more efficient results driven from this device compared to other devices, the increase in mobile use during the pandemic still took us by surprise: for example, Google data indicate a global 500% YOY increase in searches for ‘banking mobile’.
3) Consumer trust in financial providers is changing. While it used to be always the big financial players who were more trusted by consumers, they now seem to have increased trust for digital first providers to make their financial lives easier. As a result, consumers are now willing to try new brands and services in the finance landscape.
I believe this trend in fact started a few years go. I remember the time that I used to work with a very trusted financial provider in the market. Despite us being a market leader in the service we provided globally, we were suddenly challenged by a disruptor in the market – they were offering a similar service to consumers but with a history and experience nowhere close to ours. The provider was digital first and slightly cheaper, hence more appealing in the eyes of consumers.
As we have mentioned in our previous articles, we believe strongly that as consumers experience the convenience and the freedom of managing their life and affair digitally in a range of domains, it’s very likely that many of the recent shifts in behaviour will become permanent even after the pandemic. So, what do you need to do in order to be ready for now as well as whatever comes next? The following 5 areas are a good place to start:
- Embrace digital transformation
- Utilise your business first party data
- Surround yourself with the experts who can help you to translate these data into insight
- Use the data driven insights to adapt your business and its activities
- Use the data driven insights to improve your consumer journey online