24th March 2020

Forrester publishes two new COVID-related reports-speeding up the growth of digital transfomation

Forrester has published two new COVID-related reports that detail how banks should be using the current crisis as an opportunity to engage with customers, and how COVID-19 will accelerate the digital transformation of wealth management:

"Banks Should Use The COVID-19 Crisis As An Opportunity To Engage Customers With Empathy And Bolster Digital Capabilities"
As many customers face being severely affected financially by COVID-19, financial services providers need to act benevolently and show they have their customers’ best interests at heart. Indeed, the perception on the part of the customer that a firm does what’s best for them, not just what’s best for the firm’s own bottom line, is a key driver of loyalty and future purchase intent at retail financial services firms. Furthermore, as social distancing becomes a common tool in the fight against COVID-19, banks need to reshape and accelerate their digital roadmaps to make up for the off-limit channels.

This report details specific actions and communications banks should be implementing to protect customers, how businesses can use COVID-19 as a springboard for digital acceleration, and what this crisis means for banks and its technology right now.

"COVID-19 Will Test Robo-Advisors And Other FinTechs While Accelerating The Digital Transformation Of Wealth Management"
COVID-19 uncertainty is causing massive swings in the stock market, testing the performance and long-term survival of robo-advisor platforms. Unlike prior periods of market volatility, COVID-19 also prevents customers who are seeking reassurance and guidance from meeting their financial advisor at a branch or at their house.

This report details how extreme market volatility will validate robo-advisor platforms’ viability, how social distancing will accelerate digital sales and servicing in wealth management, and the growing importance of reputation as free trading becomes a commodity.