80% of the older consumers in India Between the Age Group of 56-60 years Will Adopt Digital Payment Channels Over Next 6 Months.
Capgemini Research Institute has come up with a study on COVID-19 and the financial services consumer analysing on how this crisis changed consumer behaviour in the financial sector – from channel preference to investment choices? How do people think the traditional banks and insurers have handled the crisis?
Capgemini Research Institute spoke with more than 11,200 consumers in early April 2020 from 11 countries including India, USA, UK and China and found that pandemic has hastened the shift towards digital payments, increased digital channel adoption, spurred consumer interest in savings and safer investments, and driven customer loyalty towards those organizations that are handling this crisis well.
The key India findings from the report “COVID-19 and the financial services consumer: Supporting customers and driving engagement through the pandemic and beyond” including comparison with global counterparts are below:
Shift towards digital payments in India is particularly striking when we consider how consumer behaviour is evolving among segments – such as older consumers – that have traditionally preferred cash for transactions.
80% of the older consumers in India between the age group of 56-60 years show the highest usage of digital payment channels in the next 6 months. This was followed by the age group of 36-45 years at 83%. The global average for increase in digital payment channels in next 6 months between the age group of 56-60 years and 36-45 years stood at 43 % and 48% respectively.
Interestingly the report highlights that 80% of the Indian consumers who are older than 66 years and above mentioned that they will increasingly adopt digital payment channels in next 6 months compared to a global average of 35%.
