COVID-19's Impact On Financial Institution Customers

RICHMOND, Va., May 8, 2020 /PRNewswire/ --

Key Takeaways

• 71% are experiencing a financial impact due to COVID-19
• 45% prefer to speak with an associate on the phone, compared with 4% pre-pandemic
• 71% of customers selected reputation as a priority when choosing a financial institution

CapTech conducted a survey titled "COVID-19's Impact on Financial Institution Customers: Understanding customer preferences and preparing for a new banking paradigm" to better understand how COVID-19 has impacted personal finances and shifts in banking behavior to comply with new norms. Recruiting was based on 2010 US Census data for region, sex, household income, and age via Cint, and was executed on March 31, 2020.

COVID-19 is Having a Considerable Impact on Customers

• 59% of Gen Zs (ages 18-26) and Millennials (ages 27-37) will put a financial decision on hold
• 60% of Gen Zs will take action to secure a better financial future

Banks Must Pay Attention to Evolving Needs

• Many are accomplishing tasks online, yet 60% expect to return to normal banking habits post-pandemic
• 14% said they were more likely to visit a branch post-pandemic

Amidst Uncertainty, Customers Are Optimistic

• 56% believe the recovery will take place within 6 months to 2 years
• 1/3 expect to put large financial decisions on hold for up to three months, but only 12% expect the economy to recover by that time

Key Quote
"COVID-19 has had a significant impact on individuals and businesses. Financial institutions should develop a well-crafted response plan to meet the evolving needs of customers and foster loyalty." Steve Holdych, CapTech Co-CEO

About CapTech
CapTech is a national consulting firm that helps clients grow efficient, successful businesses. CapTech brings together data, systems, and ingenuity organizations needed to stay ahead and transform what's possible in a changing world. CapTech is a team of master builders, creators, and problem solvers who find inspiration in the unknown and enjoy getting our hands dirty as we design solutions for each client. Across industries and business goals, CapTech fuses technical depth and analytical prowess with creative savvy to ignite innovation and move business forward. This drive helps each organization use technology, management, and insight to turn ideas into action. Headquartered in Richmond, Virginia, CapTech has locations in Atlanta, Charlotte, Philadelphia, Chicago, Columbus (Ohio), Denver, and Washington D.C. Learn more about CapTech at captechconsulting.com.

Contact:
Mary Everette Cann
917-923-6673
[email protected]

SOURCE CapTech

Related Links

http://www.captechconsulting.com