Trends Report

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

June 4th, 2020

Summary

US consumers have found themselves struggling to manage their finances, 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 the midst of COVID-19 — and in its immediate aftermath — US consumers want to know how the crisis will impact their finances, if their insurance will cover them if they get sick, and how they can delay their debt payments. COVID-19 is driving digital acceleration as more customers try digital channels to perform banking activities; 19% of US online adults from the ages of 18 to 44 banked online for the first time due to COVID-19. Financial services executives and their teams can demonstrate customer obsession by understanding changing customer behaviors, addressing emerging customer pain points, and communicating clearly and authentically.

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