The COVID-19 pandemic created a global shift in the volume of online activity and experiences over the past several months. Not only are consumers increasing their usage of mobile and digital channels to bank, shop, work and socialise — and anticipating more of the same in the coming months — they’re closely watching how businesses respond to their needs.
Between late June and early July of this year, Experian surveyed 3,000 consumers and 900 businesses to explore the shifts in consumer behavior and business strategy pre- and post-COVID-19.
More than half of businesses surveyed believe their operational processes have mostly or completely recovered since COVID-19 began. However, many consumers fear that a second wave of COVID-19 will further deplete their already strained finances. They are looking to businesses for reassurance as they shift their behaviours by:
- Reducing discretionary spending
- Building up emergency savings
- Tapping into financial reserves
- Increasing online spending
Moving forward, businesses are focusing on short-term investments in security, managing credit risk with artificial intelligence, and increasing online customer engagement.
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