As we move away from the recession, more data is emerging that validates a permanent change took place in the way United States consumers view the value of spending versus saving. Gallup’s most recent poll underscores this with results that show attitudes towards the economy or personal financial situation are no longer influencing them to save.
Americans who say the U.S. economy is getting better are just as likely to say they enjoy saving as those who say the economy is getting worse. Similarly, the percentage of Americans who enjoy saving is about the same regardless of whether they say economic conditions are positive or negative and whether they rate their own financial situation as positive or negative.
This change will have a far-reaching and material impact on the financial services industry in the United U.S. as services designed to help consumers manage their finances and save money replace increased spend as a primary economic driver for the market. And by the financial services industry, we mean all the stakeholders involved including merchants, networks, processors, and fintech companies. To consumers, saving means a number of activities including putting funds aside in general, for specific purchases, discounts, added value, time-saved (convenience), and not losing money through fraud or theft.
The companies that are able to recalibrate and integrate new technologies to address this new dynamic mix right are the ones that will be the industry leaders of the future. Solving for a mobile payment is not going to be enough to move the needle and the industry is beginning to realize that in many ways, this is a form factor change and not much else. What’s exciting about mobile technologies is its potential to be a rapid, dynamic delivery channel for the services that will drive the industry forward.
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