20 OCTOBER 2020: EXCLUSIVE FEATURE
'Have payments changed forever? Or just temporarily shifted?'
RFi Group's co-founder and COO Alan Shields contributed to ANZ's Bluenotes, revealing the latest data and insights on consumer attitudes and behaviours towards payments in light of the Covid-19 pandemic includoing current market conditions and predictions for the future.
Consumer data provides an invaluable window into the changing landscape of banking and payments. Combining data from RFi with those available in the market helps paint a picture of 2021 and beyond.
One of the largest - and least surprising - shifts compelled by movement restrictions and lockdowns has been channel usage. The long-term shift to digital was already evident but 2020 saw a step-change in the move to mobile banking.
RFi believes mobile banking will become the predominant channel over the next few years as more than 70 per cent of the population engages with their financial institutions via mobile. Branch usage saw a necessary decline but RFi believes - as far out as 2024 - one in five consumers will still visit a branch on a monthly basis.
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