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.
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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
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