Distinguishing payment user groups by clustering transaction data
Using payment diary surveys from Dutch consumers, we identify five distinct payment user groups, each exhibiting different demographic characteristics and payment behaviours. We describe these groups as: Family-Centric Middle-Income Consumers, Senior Traditional Banking Users, High-Income Urban Consumers, Young & Low Value Purchase Consumers, and Financially Challenged Consumers.
Gepubliceerd: 16 februari 2024
In order to be able to identify these groups of individuals, who share similar socio-demographic characteristics and payment behaviour patterns, we perform a cluster analysis - a popular technique in machine learning.
To see if we can generalise our findings, we use euro area data to perform a similar analysis outside of the Netherlands. This analysis reveals the following five groups: Small Household Seniors, Low-Income City Residents, Rural Families, Affluent Online Consumers, and Urban Families. This indicates that, despite significant variations in demographic characteristics and payment behaviour among individuals across countries, we can still identify common consumer groups.
Understanding different user groups provides researchers and policymakers with valuable insights into the diverse factors influencing payment choices, enabling the adaptation of strategies that meet the specific needs and preferences of each segment.
DNB Analysis - Distinguishing payment user groups by clustering transaction data
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