The shifting future of money
The past 12 months have been a watershed for the way people use money, and for the way they think about it. “Some of these changes are technological in nature: new products have appeared, aimed at making payment an increasingly frictionless, almost invisible, experience, carried out simply by tapping one’s phone, or even by smiling at a camera,” says JWT Intelligence in its The Future of Money report.
“The industry is blossoming, thanks to emerging technologies such as mobile payments and facial recognition, and this will in turn drive innovation further ahead,” says JWT.
And almost 70% of millennials in the US and China hardly ever use cash anymore, according to a JWT survey. What about cryptocurrencies? Well, Among those who have used crypto cash, US consumers have tended towards Bitcoin (86% US, 66% China), while their Chinese counterparts have also used other options (33% Ethereum, 18% Zcash, 17% NEM).
This isn’t just about tech innovations, though.
“Other shifts concern the wider finance and banking landscapes,” says the report. “Once the preserve of a handful of large incumbents, these sectors are now brimming with upstarts vying to cater to more tech-savvy customers.”
Interestingly, 75% of Chinese consumers and 65% of those in the US say ethical behaviour has become more important when choosing a financial institution over the past five years – this is especially true for women.
Image: JWT Intelligence