Four Ways COVID-19 is Changing the Financial Industry


The corona virus has been gripping us for months. One thing is certain: the pandemic is changing the way we live and work. What is the lasting impact on financial services? What will happen to the branches of large banks and how important is personal contact for consumers? In this blog you will find a bit more in depth.

A Call for Financial Support for At-Risk Businesses, Workers in Developing  Countries Impacted by COVID-19 – USCIB

1. Digital banking is gaining momentum

In recent years, we have already seen significant growth in digital payments. This is accelerated by COVID-19: consumers are becoming more dependent on digital transactions and are also reluctant to use cash, for fear of transmission of the virus. In my personal perception consumers often opt for digital payments. This includes credit cards, pin payments, internet banking and mobile payments.

Within the financial world, the effect of the corona crisis is like a turbo on an already accelerated engine of change. In some big countries where ICT is well developed, COVID-19 has only strengthened this position more and more. This number of contactless and mobile payments has further increased in recent months. Mark my words that this situation will continue.

COVID-19 Financial Services Response Network | World Economic Forum

2. Need for personal contact remains

The number of physical offices and branches in digital services was already slowly declining: the lockdowns worldwide are making an additional contribution to this decline. In my opinion I think big financial institutes will accelate the reduction of their number of branches, and that some branches that are currently closed will no longer open due to the crisis.

But believe me, remarkably, consumers still need personal contact. Otherwise I don’t think that this will return to the old normal.

Consumers probably still want personal, face-to-face contact when seeking advice on complex financial products and transactions.

Nevertheless, the pandemic has shown how important it is to have digital services in order and to familiarize customers with them. 

3. More savings, more security

Consumers take less risk with their money. Before the corona outbreak, a large amount preferred to save their money.  We also see that consumers are more oriented towards their life, household effects and health insurance are some of the things playing these days.

4. Loyalty in question

The way financial services firms deal with the corona crisis is impacting consumer loyalty. People are changing their financial strategies on the run. Many of them are switching to BigTechs and Fintechs.

Major financial players must ensure that they continue to bind their consumers in the coming period, for example through new products and services or an improved customer experience. Otherwise, there is a good chance that young consumers in particular will switch to new digital alternatives.

Live: Forum on global economic and financial landscape in Lujiazui - CGTN

Stronger from the crisis

The way in which organizations act in this corona crisis determines their image among consumers. Not just in the short term: this picture lingers for months or years. It is now a matter of helping insecure consumers with their financial issues. This is the perfect opportunity to think about sustainability policy. By investing in digitization, you increase customer loyalty and your organization will emerge stronger from the crisis.



FacebooktwitterredditpinterestlinkedinmailHello there in this new year.Let me share 15 facts about the popular wordpress for those people who made up their mind to start blogging as well.

WordPress is the developed form of website templates which is reflecting the web business through multiple modes. Launched in 2013, it is well known as blogging software with easy integration of plug-ins and themes. Here are top reasons why WordPress website is on high trend for online business recognition

1.Easy to use: WordPress website is easy to use by anyone. The nontechnical guy can also work on the WordPress sites with great ease. He or she can easily add or remove the pages, upload the images and contents and can format the web pages as he desires. This is the most optimum reason of WordPress usage. Learning operating a WordPress website is quite easy.

2.Compatible with any android device: Be it a computer, laptop, tab or mobile phone, it can be accessed and opened through any android device with having the sound internet connection.

3.;  SEO Friendly: WordPress has the neat and clean backend coding system through which On-page optimization can be done with great ease. Suitable Plug-ins can be uploaded and integrated to manage the Title, description, tags, Images, and Contents.

4.  NO HTML or Coding: While working on the WordPress site you do not require any knowledge of HTML coding

5.Complete Admin Control: An owner may not need to rely on the website designer or developer as he can easily manage the website. He does have complete control of how to maintain the website when to remove, what to add and other activities.

6.Built-In blog: It is considered as the best blogging platform with easy integration of RSS feed and mail subscription. It does facilitate the link building, commenting, review and ads Options.

7.Inspiring and customized themes: Look and feel of the website is 100 % customizable to showcase your brand. You can add photos and content of your own choice which will be inspiring you to take challenges.

8.Easy Integration of Plug-Ins: One can easily upload and integrate the plug-ins like calendar, social networking feeds, disqus and much more. In fact, WordPress software and plug-ins went updated by own with the clear notification to the administrator.

9.Security: Although integration of Plug-ins can invite hackers but if it is used widely, the WordPress website proves to be more secure.

10.Growth: WordPress has the easy system through which you need not navigate the pages. Your pages will get connected with the category through interlinking.

11.;Multiple users: You can invite more users to handle or upload the posts or images. Although, Administrator of the website can divide the authority of use to have complete access and security.

12.Easy commenting and communication: With using open Plug-Ins, you can invite your vendors, audiences to put comment and feedback which will strengthen the communication system and will indirectly boost the website recognition over the search engine.

13.Lesser cost, Higher Functionality: Usually a WordPress website is cheaper as compared to another website. A small business and start-ups can easily afford to build a WordPress website with higher functional availability.

14.Multi-Lingual:WordPress has been dealing with more than 70 languages so any country can opt for the WordPress themes as per the usage, choice, and business requirements.

15.Easy to print: A simple plug-In integration in the WordPress site will make the printing process easy without creating duplicity of printing.

A WordPress site is considered to be the most amazing theme due to its aforesaid reasons and wonderful performance. It helps the newcomers to build brand awareness as more contents can be fetched through this.