Consumer trends, movements and other head-turning shifts

As consumers become more self-reliant, they often put an increased emphasis on the need for financial responsibility

November 7, 2016 by Dan Laferia, TMG

Think like a consumer. For financial institutions (FIs), understanding consumers’ perspectives is key to developing lasting relationships and relevant offerings. On a recent podcast, I sat down with Karen Postma, TMG’s vice president of risk and consumer services, to discuss emerging consumer trends and their potential impact on FIs.

Karen kicked off our discussion by describing how the “Maker Movement” is gaining momentum. This trend highlights consumers’ interest in becoming creative upcyclers rather than passive purchasers. What FIs should take away from this movement, Karen suggests, is the opportunity to fulfill consumers’ needs for self-reliance. By promoting their savings and loan features, FIs can tap into this spirit of self-sufficiency.