For the past seven years, Vocalink, a Mastercard company, has conducted research into UK people’s payment and banking behaviours. This year, as Mastercard, we expanded our study to key markets around the world.
In this report, which details what people want in 2020/21, we show how COVID-19 has accelerated the trend towards digital payments, and created new demand for control, flexibility and choice. We also report an increase in attempted financial crime, and people's rising anxieties and some reticence to try new payment technologies as a response.
Our findings suggest that financial institutions remain best positioned to meet people's needs, but there are opportunities for newer and alternative service providers too. To stand-out in the new normal and deliver true value to the end user, they must provide payment tools that improve customer satisfaction and retention, and fuel the pipeline of innovation for many years to come.