Consumer Banking Trends for 2021

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Consumer Banking Trends for 2021
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The tumultuous events of 2020 changed consumer behavior in numerous areas — and the way they handle banking is no exception. Are you looking into any patterns or changes for a trend piece? To explore these changes and forecast how consumer banking behavior will continue to transform, the senior research analyst at MyBankTracker.com is making the following observations and predictions:

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Q4 2020 hedge fund letters, conferences and more

Predictions For Consumer Banking Trends In 2021

  • 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.

Compared to the tumultuous year we’ve had in 2020, the changing trends in retail banking and financial services may not be top-of-mind for consumers.

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But, when we get back to some semblance of normalcy, these trends will redefine our relationships with our money on a daily basis.

“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.”

View the complete analysis: Banking Trends Predictions for 2021.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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