COVID-19 pandemic is emerging as one of the most serious challenges to financial institutions. As the economic fallout is deepening, banks in India are finding themselves juggling between deliverables and customer expectations. There is a mounting expectation for banks to play a role as systemic stabilizers.
The analysis is based on customer reviews and conversations online in the segment. The analysis results presented are completely unbiased and not based on any subjective judgment. The source data used for the analysis are user conversations available publicly online like public forums and social media.
On 14th April 2020, India completed 21 days of lockdown. While the lockdown has been extended, Clootrack took a look at how consumer demand for different categories in Banking changed during lockdown vis a vis the previous period. Consumer behavior is changing fast due to the latest developments. We will continue to obtain further information on how it evolves with the new normal. The insights below are based on consumer search behavior online, which has been the most prominent channel for consumers during the lockdown.
As per McKinsey’s report, more than 50% of Indian consumers express optimism toward a quick economic rebound despite the 21-day lockdown. Consumers are gearing up to reduce their spending, with the exception of groceries and new forms of at-home entertainment. There seems to be a strong shift towards online spending.
Consumer behavior is changing across sectors, and the banking sector is no exception.
The COVID-19 crisis has had a phenomenal impact on the global and Indian Banking sectors. It is becoming increasingly important to take a long view of the situation and prioritize accordingly. Resilience, fueled by digital agility, is a way forward to achieve relevance post-COVID-19.
How banks respond to customer behavior could be pivotal to how Banks perform for years to come. For instance, Instant gold loan has seen a steep increase in an online search. But are banks prepared to meet customer needs?
Banks may have to manage and develop customer-specific requirements based on consumer behavior.
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