In the wake of 2020’s tumultuous events, consumer banking changes emerge
Foster City, CA – January 19, 2021 – The tumultuous events of 2020 changed consumer behavior in numerous areas — and the way they handle banking is no exception. To explore these changes, and make predictions about how consumer banking behavior will continue to transform, MyBankTracker.com researchers make the following observations and predictions:
- Branch banking: Since many bank branches couldn’t open to the public because of the pandemic, digital banking channels gained widespread popularity. This year, banks will continue to push digital and self-service banking, even within their branches, to increase consumer convenience and decrease banks’ overall footprint.
- Credit cards: Premium rewards credit cards have been offering rewards for everyday purchases in lieu of travel and indoor dining rewards that cardholders cannot currently take advantage of. When travel reopens, cardholders will benefit from a boom in travel rewards and have less reward flexibility than they experienced in 2020.
- Nonbank financial services: In 2020, more nonbank financial companies increased their offerings across the spectrum of financial products and services. From cash management accounts to new brokerage services for personal investing, this space will become more competitive and overcrowded.
View the complete analysis: Banking Trends Predictions for 2021.
“In 2020, the world was forced to adapt in so many different ways, and we’ve kept a close eye on how banks and other financial institutions changed their products and services in response to the pandemic,” says Simon Zhen, senior research analyst for MyBankTracker.com. “Even when we get back to some semblance of normalcy, we expect that these trends will continue to redefine our relationship with our money on a daily basis.”
Zhen is available to comment on MyBankTracker.com’s predictions, the methodology used to make them, and the overall landscape of consumer banking.
About MyBankTracker
MyBankTracker is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. MyBankTracker is a member of QuinStreet’s expert research and publishing division.
MyBankTracker is an independent comparison website helping consumers make smart banking and financial decisions. The mission is to match consumers to their perfect bank by providing and tracking in-depth information on more than 5,000 banks, credit unions and financial products. Using a combination of technology and money management expertise, MyBankTracker provides personal finance comparison tools and educates consumers to optimize their relationships with banks and lenders.
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