Behaviours Impacting How We Spend and Save
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This document summarizes key insights and innovations impacting how people spend and save money. It identifies 4 main behaviors: 1) People want smoother cashless spending options like contactless payment rings; 2) People want more lifestyle services from banks beyond money management; 3) People tend to focus short-term spending rather than long-term saving; 4) Many people feel excluded from traditional banking and want more inclusive options. Each behavior is accompanied by an example of a company innovating in that area, such as mobile banking startup Monzo or savings app Digit.
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Behaviours Impacting How We Spend and Save
- 2. A highlight of key insights and innovations impacting the ways we spend and save over the last six months.
- 3. 1 CASUALLY CASHLESS 3 SHORT-TERM SPENDERS 4 INCLUSIVE BANKING 2 LIFESTYLE BANKING
- 4. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean1 CASUALLY CASHLESS People want smoother spending Going cashless is becoming an increasingly palatable concept for many as the convenience of swiping a card or smart device makes paying with notes and coins seem clunky. Industry giants and fintech upstarts are now creating fresh ways for people to splash out seamlessly. Money Behaviour
- 5. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean1 Kerv Weighed down by your wallet? Purse cluttered up with cards? Kerv is a wearable smart ring that enables people to make payments without a counterpart device, that also functions as an Oyster card and a repository for emergency and medical info. Money In practice
- 6. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean2 LIFESTYLE BANKING People want more from banking Globally, the banking industry seems to be losing its human touch, and as the high street branch falls out of favour, people are turning towards companies that provide more than just money management. New digital firms are offering everything from life advice to real-time tax tracking. BehaviourMoney
- 7. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean2 Monzo Mobile-first challenger brand Monzo is taking on the traditional Big Five banks. With tech- savvy customers in mind, and round-the-clock support, it’s hoping to create a digital banking revolution in Britain. Money In practice
- 8. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean3 SHORT-TERM SPENDERS People aren’t thinking ahead Spending in the present is more relatable than spending 20-30 years down the line, which is why when people do save, they’re considering events in the near future, rather than the far. But this disconnect negatively impacts financial health, so brands are offering better ways for people to save long-term. Money Behaviour
- 9. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean3 Digit Nearly 70% of Americans have less than $1,000 in their savings accounts, and 34% have nothing set aside whatsoever. Having saved people $230 million in 18 months, Digit is an app that wants people to leave their savings to a bot. Money In practice
- 10. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean4 INCLUSIVE BANKING People want banks to cater to everyone Whether it’s because they don’t understand them, don’t trust them or simply don’t have access to them, roughly half of adults in the world’s poorest households are unbanked, and 88 million individuals are ‘underserved’. But challenger brands are emerging to provide everyone with financial services. Money Behaviour
- 11. Eating and drinking / 1 1 DIRTY DINING People don’t always want to eat clean4 Banco Original Consumer banks are racing to leverage social media and win over younger customers. But with 44% of Gen Yers believing that banks don’t understand them, they’ve had little success in winning over younger customers. Brazilian Banco Original is for ‘people who don’t need banks, but need banking’. Money In practice
- 12. Want more? YOU CAN EXPLORE THE FULL REPORT FOR FREE HERE Discover more about behavioural insights www.canvas8.com