2021 Eye on Payments: Part I – Consumers’ increasing need for personalization

by Tom Pierce, PSCU

Nearly 20 months after its emergence, the COVID-19 pandemic is still impacting the U.S. economy and consumers, as well as the global economic landscape. The economy and its outlook have ebbed and flowed throughout 2021, with varied consumer confidence and spending levels coupled with labor shortages and supply chain issues arising from the dynamic pandemic environment. Through all of this, one constant has been the increasing need for personalization in almost every aspect of consumers’ lives.

Welcome to Part I of our blog series on our 2021 Eye on Payments. PSCU’s fourth annual consumer payments study, released on Oct. 26, examines payment preferences among credit union members and other financial institution customers (“non-members”) across the U.S., including how they evolved over the past year. Through this research, PSCU explores the factors that influence consumers when it comes to their usage of traditional and emerging payment methods across multiple payment scenarios and how social and economic events impact payment choice. The study also explores how and why payment method preferences differ among generations and regions. Key takeaways are provided that credit unions can implement to better meet evolving payment preferences and member needs.

In this first blog from our 2021 study, we highlight the demand for personalization.

 

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