The evolution of the financial field in the last two years
Since the beginning of the pandemic, we have all noticed a growing interest of Romanians in financial education. If until now the idea that the world could stop in an instant seemed like a movie-like idea, starting in 2020, it has become a possibility. Those caught without financial reserves were frightened by the impact that the COVID-19 period may have (54% of Romanians prioritized daily spending, hunted for discount products and postponed medium to large purchases, such as be it vacations, devices, appliances (according to a GWI study - "Coronavirus Research" in July 2020.) For others it was a confirmation of the decision to save. At the same time, the number of card transactions has increased significantly. Here are the reasons:· The number of online orders has increased, which has led to an increase in card payments;· Offline, attention to personal hygiene has led to the least possible use of cash payments. But there is another relatively recent reason, from 2021, for which Romanians have changed a habit: a certain brand has made constant and sustained efforts to generate an increase in the number of transactions.
Card payments have always been simple.Why did they have a slow adoption up to this point?For the financial sector, credibility is of utmost importance; For a long time, credibility was an attribute: either built in branches (an interaction that has diminished considerably) or associated with traditional media, so in a pandemic context, banks felt the need to communicate more intensely. But not long after, the market realized, at least in the case of press communication, that the interaction with consumers was quite cold and impersonal, and confidence was beginning to decline. In the period 2020-2021, the entire financial sector has focused on the area of card payments, but only a few brands have allocated resources and time to education. "Throughout 2021, our focus has been on developing and strengthening the pillar of financial education. Under this umbrella, we have developed messages around the benefits of card payments. Only through an honest, consumer-oriented approach can you make a difference. As every year, we have developed programs with our partners (banks, merchants), but we have had the attention and dedication to cover the whole communication in an educational layer, which may seem out of the norm. be considered diluted).What motivated us? We listened to our consumers and we understood that Romanians need "why" before "what". When you have the why, you do the what ".
Ioana Vieru, Brand & Product Marketing Manager - VISA
"It is a real pleasure to monitor the financial field with the help of the Digital Health Index and its subscriptions. With this tool, we find out in real time what consumers react best to, we find out their barriers, sensitive points and we act exactly. and Ioana, transactional relationships have the power to provide temporary peaks to any brand of finance, but the education component creates familiarity, closeness and brings long-term effects. "
Alexandra Caciur, Head of Data & Business Intelligence - DIGITAS ROMANIA
Let's look, for example, at the earned media area: Digital Power Score (DHI sub-score) shows the interest generated by a brand in online searches. VISA manages to keep this indicator up precisely because of the always ON education component and the innovation that goes beyond the classic storytelling (eg TV spots), innovations that directly impact the daily life of Romanians (eg contactless payment in buses and trams ).