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How banks should respond to changing spending habits

2nd of May 2018

Johannes Suikkanen, Founder and managing partner of Gemic shares his views about changing spending habits and how banks should respond. Johannes will be speaking at Mobey Day Toronto.


  1. How are consumers’ spending habits changing?

What we’re starting to see is a little bit paradoxical –  on one hand a lot of consumption is becoming automated. People increasingly consume on subscription platforms like Amazon, Spotify and Netflix or opt for discounter chains and private labels with limited selection to reduce mental clutter and complexity that characterized the previous consumption era.

We’re also starting to see the more convergence of consumption and investment into micro capitalism. People increasingly want to acquire income generating assets like holiday homes that are listed on Airbnb and so forth.


  1. How should banks react to the changing attitude consumers have towards money and spending?

Banks will have to become smarter and align with the emerging typology of consumption. First, banks will have to help people optimize and automatize the mundane everyday consumption – they have all the consumption data after all. Second, banks will have to become an investment partner that helps people pro-actively realize their dreams and even take well calculated risks.


  1. What do you think will be the biggest changes in financial services in the next 2-5 years?

The everyday banking operations will be increasingly automated and this will squeeze fees. To escape the race to the bottom, many banks will have to rethink more valuable ways to engage with people. This will lead to differentiated strategies and consumer offerings that extend way beyond to what banks have traditionally offered.

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