The news opens with headlines about closures, reopenings, unemployment data, recession figures and government support measures.
In this article we show you the best ways to recover from the impact of the coronavirus in this sector.
If you work in finance , you may have had a stressful year. When the pandemic hit last year, you may have prepared for the worst and focused on stabilizing your business. For example, by increasing cash flow while cautiously investing in winning investments and letting go of weaker ones.
It is a completely logical move in times of high volatility. Now, as 2021 progresses and despite new national lockdowns, we see a ray of hope thanks to vaccines. Being french email list conservative and suspending new investments may not be the right strategy.
Look at what successful sports teams do: they take a balanced approach between defensive moves, such as cutting costs , and offensive moves, in this case increasing investment.
In times of uncertainty, cutting costs becomes an easy and obvious mechanism, but going on the offensive is more ambitious. Many companies are unlikely to consider taking this step until the recovery is well established. The problem is that, when that time comes, it may be too late to gain a competitive advantage.
Do what’s always been done: talk to them. Find out what they’re most concerned about and where they need the most help. Are they more concerned about security and risk, or are they just looking to grow quickly? With this information, you can change the way you offer your services and open the door to new products.
Look at your business and think about what you could do. Listening to your customers will allow you to innovate with your own products and services. These innovative resources may stay with you long after the recovery period following the COVID-19 pandemic.
Below, we discuss five proactive actions focused on financial services that you can implement before the coronavirus pandemic ends to speed up the recovery process.
1. Get along with your clients
Financial technology is driving innovation in services such as customer service, financial advice, payments and transactions, loans, insurance and accounting management.
Whether you work for a traditional financial services company or are in fintech, it's worth keeping an eye on the innovation around you. It can help you develop new products and services to keep your business at the forefront of the industry during this difficult time marked by the coronavirus.
Fintech teaches us that customer experience is key. We see how bank startups attract customers from large banks by offering them better experiences, products, services and ongoing support.