Trends Report

In The Wake Of The COVID-19 Crisis, UK Financial Services Firms Must Respond To Changing Customer Needs And Behaviors

June 8th, 2020

Summary

In the wake of the COVID-19 pandemic, UK consumers have found themselves struggling to manage their money, access customer service, and use digital tools that are not set up to perform certain financial tasks. Financial services firms need to provide better money management advice and reprioritize their digital roadmaps in response. During COVID-19, UK consumers want to know how the crisis will impact their finances and how they can delay their debt payments — financial firms should prioritize these types of customer communications. COVID-19 is driving digital acceleration as more customers are forced to try digital channels to perform banking activities; 13% of UK online adults (ages 18–44) banked online for the first time due to COVID-19. Financial services executives can demonstrate customer obsession by understanding changing customer behaviors, addressing emerging customer pain points, and communicating clearly and authentically.

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