- Payment Systems Regulator(PSR) publishes Annual Plan and Budget
- 38% of UK businesses have deliberately abandoned an application for banking services in the last year due to slow due diligence processes says new survey
- eCommerce merchant losses to online payment fraud will exceed $25bn in 2024, from just $17bn in 2020 says Juniper Research new study
- Moneyfacts reacts with an update on a volatile UK mortgage market
- Norwegian banks well placed to deal with COVID-19 and falling oil prices says Scope
- UK Finance warns consumers to be on the lookout for “smishing” text message scams
- deVere highlights the swift rise in financial apps in Europe in the last week as COVID-19 spreads expired
- Forbis discusses the term "Digital Bank" expired
- Equifax UK committed to supporting consumers and businesses impacted by COVID-19 expired
- Barclays ambition is to become a net zero bank by 2050 says Chairman expired
- Bank of Japan Tankan survey will indicate the slump in services to outpace the decline in manufacturing while IT and communication sectors hold up expired
- S&P Global Ratings Research expects the European trailing-12-month speculative-grade corporate default rate to increase to 8% by December 2020 expired
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.