Predicted Consumer Trends
Consumer trends are largely shaped by the world around them and shifts in cultural movements or technology advancements. 2020 was a year like no other and although some trends would have happened regardless of the pandemic, there are some emerging behaviours and expectations that brands should heed in their strategy development for 2021 and beyond. According to Euromonitor's 2020 Consumer Trends report, here are some key trends to watch out for this year.
Catch me in seconds
Consumers are busy. They want brands to make their information, product or service as accessible as possible in a short timeframe. This requires agility in the development of business processes and the availability of a swift online / robotic customer service –in other words social media agents or chatbots available 24/7 and faster processing and delivery times.
Beyond human
Technology continues to alter consumer expectations as devices get even smarter and the use of Artificial Intelligence (AI) infiltrates both business processes and consumers’ day-to-day life. With restrictions globally in terms of retail shopping, outdoor socialising, events and travel, customers are relying more on virtual assistance to carry out tasks in their daily life.
It’s all about making life easier for customers, offering them virtual assistance or smarter ways to shop, book and communicate with brands. Quick sign-ups, downloads and again shorter processing times will all help to secure consumers’ loyalty and boost confidence.
A more integrated digital banking experience
A new study from Juniper research found that the total number of digital banking users will exceed 3.6 billion by 2024 - up from 2.4 billion in 2020; a 54% increase*. We also see the impact of AI in the banking industry - it’s expected that the deployment of chatbots will save the banking industry $7.3 billion in annual customer service costs by 2023. This revolutionises how banks communicate with their customers, and removes a lot of the human labour aspect.
Digital banks are also looking to integrate insurance solutions into their app so that that their users can purchase with ease and stay within the app or eco-system. Companjon complements this practice by ‘gamifying’ add-on solutions for digital bank users, for example, rewarding users with compensation or vouchers when experiences don’t go as planned such as delayed flight, missed bus or cancelled event. The idea of a ‘plug and play’ concept also strengthens the interaction and engagement between digital banks and their customers - being able to simply turn cover on/off so that they have the flexibility to pick when they wish to be protected and pay for it based on that event or timeframe.
Frictionless mobility
Consumers want to move freely and quickly around, especially in congested cities. Navigation apps will be key here so that they can plan their journeys in advance. Equally important is the availability of real-time updates on the best way to get from A to B, whether it is by train, taxi, electric bike, scooter, helicopter or a combination of them all. We’ve looked at the importance of flexibility before when it comes to travel arrangements, and the associated costs and insurance policies associated with this.
About Companjon
Companjon is Europe’s newest technology company specialising in tailor made add-on insurance solutions. We partner with industry providers to bring fast, flexible and fully automated solutions that are tailored to their customers’ online bookings and purchases - ensuring that they have peace of mind if plans change. From claims to payouts, the process is seamless, flexible and entirely digital.
Get in touch with our team to learn more about how Companjon can be the safety net for your customers.
Sources:
Juniper Research Digital Banking Trends Report
Juniper Research: Bank Cost Savings via Chatbots
Forbes: 11 Customer Experience Predictions for 2021
Euromonitor: Top 10 Global Consumer Trends 2020