The effects of the ongoing coronavirus crisis are being felt in almost every sector. From retail and consumer packaged goods to entertainment, sports, and of course travel and leisure, every sector is being impacted in a different way and is facing down its own unique challenges.
The financial services sector is currently facing challenges on multiple fronts: shelter-in-place and social distancing requirements mean that few customers are able to be served in a physical branch, putting additional strain on channels like telephone support, online and social media.
At the same time, record numbers of people are frantically trying to contact their financial services providers with questions, concerns or to request special measures as their finances have been impacted by the coronavirus pandemic – many have lost jobs, seen their incomes vanish, and are in fear of defaulting on loans or missing mortgage payments. Businesses, too, are in need of additional help as many have seen their revenue drop dramatically or dry up altogether.
Fintech companies, meanwhile, are well-placed to deal with digital demand and remote working requirements, although some are facing funding uncertainty in a volatile period. Many are offering their services to consumers and businesses for free, or innovating to create new products that meet a specific need, while the coronavirus crisis is ongoing.
The situation will require constant, careful handling from finance companies as they seek to reassure consumers, respond to their concerns, and earn their trust during this volatile period – and a lot may depend on just how well companies’ digital infrastructure and services can handle the increased demand.