COVID-19 Borrowing Behavior and Market Insights
Key Takeaway
Insights enabled the client to align product offerings with shifting consumer needs, particularly for those most affected by financial instability during COVID-19.
Client
A prepaid credit card and savings app designed to meet the needs of underserved markets.
Project Scope
Explored borrowing behaviors during COVID-19 to identify shifts in financial needs and inform product strategies.
Challenge
The pandemic prompted financial uncertainty, and the client needed to understand changes in borrowing behavior and how to address them effectively.
Approach
Survey Design and Execution: Conducted a Canada-wide survey with over 1,000 respondents across pre-defined financial segments to gather comprehensive insights.
Behavioral Impact Analysis: Analyzed shifts in borrowing intentions, budgeting challenges, and spending re-evaluations to understand evolving financial behaviours.
Targeted Segment Creation: Identified and labeled a key segment, representing respondents most impacted by COVID-19, for deeper, focused analysis.
Results
Identified key pain points such as unstable incomes, budgeting challenges, and frequent cash shortages among a significant sub-segment.
Highlighted opportunities for introducing financial tools to assist in budgeting and borrowing during uncertainty.
