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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, Go-to-Market & Growth Strategy

As Principal of CapTech’s Go-to-Market & Growth Strategy, Bree Basham leads our efforts to shape how we bring services, solutions, and stories to market—accelerating growth and deepening client impact. Drawing on a career that spans strategy, customer experience, and marketing, Bree brings a rare blend of creative vision and strategic discipline to CapTech’s growth initiatives.

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LesLea Carey

LesLea Carey

Director

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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