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CapTech Trends Podcast Series

COVID-19's Impact on Financial Institution Customers

What is the real impact of COVID-19 on financial institution customers' financial lives? How can innovation help bridge the gap between a financial institution and their customers during these challenging times? These are questions CapTech sought to answer in our recent research conducted in March and then revisited in May of 2020. This research provides insights into customers’ financial decisions, attitudes toward future habits, and perception of their financial institution’s response to the pandemic. In this podcast, CapTech Customer Experience (CX) experts share insights from our findings, provide recommendations to help financial institutions better engage with customers, and identify opportunities in our “new normal” environment. Listen now.

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Episode Highlights

Reputation is King

In both surveys, reputation was identified as the top priority that customers consider when they're choosing a financial institution. Surprisingly, reputation was selected as more important than aspects like rates, special offers, or convenience - all factors that make customers’ lives easier or cost less. This shows that brand reputation must be earned consistently and collectively over time by providing great experiences.

Customers Need Live Support

According to the data, people are looking for how their financial partner has and continues to respond to COVID-19. There are a few examples of where financial institutions should be looking to make an immediate impact, and then evaluate the long-term. The first example is around financial associate tools. Our research shows it is important for people to be able to speak with a financial associate and that customers want that live connection. Customers are also interested in entering a physical branch, more so than previously. So, as you evaluate what that conversation looks like between a financial associate and a customer, you must ask yourself questions such as, “do they have the right tools – digital tools and apps – that they need and the right platforms on which to interact with customers?”

Bree Basham

Bree Basham

Principal, CX Practice Area Lead

Bree leads our Customer Experience practice, creating digital strategies and solutions using modern technologies to deliver meaningful and measurable experiences for our customers. She has served as a Creative Director for many omnichannel experiences within the retail space, as well as for a number of other industries that CapTech serves.

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LesLea Carey

LesLea Carey


As a Director in our Customer Experience practice, LesLea combines data-driven insights with business objectives to create user-friendly solutions. LesLea's experience in user insights and experience, coupled with her role as a CX partner, enables her to deliver impactful and user-centric solutions in the Consumer Retail portfolio that bridge the gap between user needs and business goals.

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