COVID-19 Crisis: In-Branch Financial Services Experience Review
In recent months, the COVID-19 pandemic has forced many financial institutions to modify the delivery of their in-person service, for the protection of both their team members and clients. To gain more insights into how COVID-19 has impacted clients of financial institutions, as well as in-branch experiences, in May 2020 DALBAR Canada polled a broad range of Canadians in a survey.
During times of market volatility, investors tend to react out of panic and underperform, according to DALBAR’s annual Quantitative Analysis of Investor Behaviour (QAIB) report. Of the 203 survey participants, however, 46% reported no change in their investment behaviours during the market swings related to COVID-19, with 15% investing more (see graph below). This could indicate that investors are better informed about their investment decisions or feel more confident with their financial advisors.
In addition, the survey asked Canadians about their in-branch visits from the past few weeks, and the responses show that in-person client experiences have been mostly positive, despite new safety protocols and procedural changes. Given these challenging times, clients showed patience toward bank representatives, and the sentiment was returned, with representatives doing their best to help ease financial stress for their clients (see below for a few examples).
To gain additional insights from the COVID-19 Crisis: In-Branch Financial Services Experience Review, including areas for improvement and clients’ perceptions of the government and financial firms during the pandemic, reach us at email@example.com.
As the situation remains fluid, DALBAR Canada continues to gain further understanding about the evolving challenges. We aim to provide valuable insights that will help firms elevate their in-person client experiences. If you would like to subscribe to regular updates on the status of the industry, please contact us at firstname.lastname@example.org.