The state of banking & payments 2021: How consumer habits have changed

Over the last few years, the payments industry has continued to evolve, with new players entering the market and the number of alternative payment methods on offer increasing steadily. While there is certainly more choice for consumers, the adoption and usage of these payment methods is not guaranteed; consumer behaviours are notoriously challenging to break, with newer tech often taking years to become mainstream.

During the first half of 2021, Compass Plus conducted a two-part survey to delve into how UK consumer habits have changed in payments and banking. Participants were asked questions relating to the way they make payments, the security of various payment methods, emerging trends, their current banking habits, and the way their behaviours are likely to change in the future.

Having undertaken research into consumer and industry expectations of the payments market since 2014, the results of this survey were analysed alongside previous responses to give an overview of the way that consumer payment and banking habits have changed – as well as to see if expectations became reality. Read the full report here