Consumer behaviour across the world is rapidly evolving. Consumers are more familiar with and more comfortable handling their financial matters online, a result of the Covid-19 pandemic confining people to their homes as restrictions and hygiene protocols limited human contact.
reported an increase in demand for wills during the Covid-19 lockdown, with a 250% spike in the number of wills taken out via its platform since the start of the lockdown. In addition, more than half of the users engaging on the platform are not English first-language speakers. For lower-earning population groups, mobile phones are the connection point to the world, and Covid-19 has enhanced people’s digital engagement skills. It is imperative for companies to have mobile-friendly and online business solutions for rural and city users.
Fintech disruption is also spurring on smart partnerships, rather than ownership-based models, with established financial services companies harnessing the power of digital technologies to rethink and reshape their business models and the way they interact with customers. New numbers from the Association for Savings & Investment SA show that the life industry recorded 434,216 death claims in 2020 — almost 40% more than the 317,442 claims received in 2019.
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