👑FinServ: Responses to the Crisis

Financial Services reacts to COVID-19

Most companies are digitizing and rethinking client relations

According to a Deloitte C-Suite survey only 16% of FinServ companies felt they were prepared for a global pandemic

Respondents identified ways in which existing contingency plans fell short, including:

59% did not include pandemic-specific actions

50% did not address extreme shelter-in-place issues

34% identified technological gaps in processes

20% had good plans, but lacked capacity to implement

Highest priority for these executives: Investment in technology to digitize the client experience.

Supporting Customers: The Greatest Challenge

Financial services companies are in the business of imagining the future and providing stability through uncertainty for their customers. 

The way Financial Services organizations deal with the COVID-19 crisis will determine how they are perceived by consumers for years to come. This is a time to build lasting relationships and trust that will carry forward.

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 to deliver a seamless customer experience.

“
Everyone is reacting to the current crisis, but are you communicating those changes to the outside world? ”