When was the last time you went into a shop and paid with cash?
More and more of us are ditching our wallets, and with them the use of physical cards and pin numbers.
The pandemic accelerated the transition to a cashless society globally, but we have been heading in that direction for quite some time. So much so that in 2020, the number of people in the UK who say they rarely use cash grew to 13.7 million, almost double the 7.4 million figure in 2019.
The explosion of data, and what to do with it
For businesses, a key benefit to an increasingly cashless society is the explosion of data it brings, but the real advantage lies in what you do with the data you collect.
This is how you truly understand your customers. Cashless customers have created rapidly changing consumer needs. They demand more personalisation and at the same time expect products to deliver on simplicity and ease of use.
The explosion of online banking apps and contactless payments not only deliver on these expectations but are also more efficient models of payment. Looking ahead, financial services leaders must draw on key insights to deliver outstanding customer experiences that not only meet current needs but offer incentives for the future.
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