The COVID-19 pandemic is being contained around the world. This had a significant impact on the lives of everyone in the community and on each of us independently. We’re concerned about our loved ones’ health, but we’re also concerned about their financial futures. In addition to housing and food, individuals are concerned about where to find the money to pay for it. Taxes must be paid, cash must be withdrawn, online payments must be made, money must be transferred to loved ones and investments must be managed. From March 8 – March 14, 2020, total number of people searching for “financial aid” on Google increased by 203 percent in a week.
Due to quarantine or other constraints, many businesses are unable to operate normally. It’s no surprise that consumer habits are shifting dramatically. They have different habits when it comes to money management, including different ways of saving and spending. Users began to look for applications in the “Finance” category 31% more often for the week of March 8 to 14, 2020.
Consumers utilise an average of 10 financial products on a daily basis. It’s understandable that people have trouble keeping up with all the changes is order to keep their financial situation stable. Because of the current state of the economy, it is critical that businesses provide their customers with the most current and accurate information possible. Since last year’s same week had a 61% increase in interest in the question “how to invest,” this year’s same week saw an 84% increase in interest.
Consumers should not have to worry about your financial well-being as much as they should.
It is possible for businesses to supply consumers the useful and relevant information even in these difficult circumstances. This will show your customers that you’re not only concerned about what’s best for yourself. Maintaining consumer trust in financial organisations is a difficult task.
Are you stumped when it comes to providing assistance to your customers? For those in the financial sector, we provide a variety of options.
Take time to understand and sympathise with your customers’ worries.
Financial organisations, of course, have a duty to help their customers. The difficulty is how to show that you are aware of the most pressing concerns and challenges. For instance, you may set up a phone customer support for people who have trouble making electronic payments. Your mobile app or YouTube channel can also be used to post self-service invoicing or online payment lessons. In addition, make it apparent that you’re willing to assist.
Accurate information should be made available to the public.
Consumers may rely on businesses to supply them with accurate and current information. It’s important to understand that perhaps the situation is both complicated and ever-evolving. Your audience will be able to see data and recommendations from you as well as from third parties. Google Trends can be used to assist users understand what’s going on in the world around them.
Be willing to change your mind.
Many consumers are concerned about their ability to pay their bills and other financial commitments. A company needs to be nimble so that clients feel a sense of security and stability at this point in the game. You can, for example, grant new customers an grace period for their initial payment before charging their credit card. You can also tailor your service to the specific needs of your customers.
In these trying times, financial institutions can help their customers by providing them with access to financial advisors who have a thorough understanding of their needs. It will not only benefit your clients, but it will also increase their confidence in you, allowing you to establish long-term connections with them.