COVID-19 and the financial services consumer

COVID-19 has unleashed a massive systemic shock throughout society, undermining completely the way we live, work, consume, and behave. That’s why the Capgemini Research Institute is releasing a series of research notes with pragmatic guidance on how organizations can take action on the things that matter in the wake of COVID-19.

Last week, we focused on key issues that will shape the future of the automotive industry. This time, for COVID-19 and the financial services consumer – Supporting customers and driving engagement through the pandemic and beyond, we look at how this pandemic has changed consumer behavior in the financial sector – from channel preferences to investment choices – and investigate how people think traditional banks and insurers have handled this crisis.

To these ends, in early April, we spoke with more than 11,200 consumers from 11 countries and found that this health emergency has hastened the shift towards digital payments, increased digital channel adoption, spurred consumer interest in savings and safer investments, and driven customer loyalty towards those organizations that are handling this crisis well.

The way FS organizations deal with the COVID-19 crisis will determine how they are perceived by consumers for years to come. FS organizations should therefore take this opportunity to deliver on their corporate purpose, and help their customers cope with uncertainty and financial vulnerability. In so doing, they should also focus on accelerating the digital transformation of the sector to deliver a seamless digital customer experience.

As we navigate this unprecedented crisis together, we hope that these research notes shed some light on global financial services consumer sentiment. For more information, contact us. Most importantly, be well and focus on what matters to you.