COVID-19 Crisis: In-Branch Financial Services Experience Review – July 2020
While many individuals and businesses have returned to some sense of normalcy, the pandemic is still ongoing. To determine how COVID-19 continues to impact financial institutions and their clients, DALBAR Canada updated the COVID-19 Crisis: In-Branch Financial Services Experience Review with new questions and surveyed a new group of Canadians for the July 2020 installment.
Due to COVID-19’s negative impacts on employment (48% of those surveyed stated that they either are no longer working or now have less work), the majority of Canadians have left their investment portfolios unchanged. This may be the result of clients wanting to avoid emotional reactions that could lead to portfolio underperformance, which is often the case during times of market volatility, as outlined in DALBAR’s Quantitative Investor Behaviour (QAIB) report.
Of those surveyed, 69% of participants had visited their bank branch in the previous four weeks, since tasks such as opening a new account still require an in-branch visit at certain institutions.
Although 74% of participants feel more confident with the safety measures that banks have put in place, and they believe Canadian financial institutions are doing well at handling the overall situation, 46% still feel somewhat uncomfortable or very uncomfortable about visiting a branch during the outbreak. This highlights the fact that the ongoing COVID-19 pandemic still influences clients’ thoughts and creates anxiety.
For additional insights from the July 2020 edition of the COVID-19 Crisis: In-Branch Financial Services Review, including financial-relief alternatives for clients, consumers’ top approaches to conducting banking activity during the crisis, and other areas for in-branch improvements, reach us at firstname.lastname@example.org.
Amid the pandemic, DALBAR Canada continues to work diligently to provide firms with frequent updates on the status of the financial industry as well as important insights for enhancing client experiences. To subscribe to these updates, please contact us at email@example.com.