What Financial Services Can Do To Help During The COVID-19 Crisis, According To Consumers
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As part of our ongoing commitment to put the voice of your customers right at your fingertips, Suzy will be providing updates on consumer sentiment regarding the ongoing COVID-19 crisis as the situation develops. Check out our Consumer Insights hub for more stats, trackers, webinars, and more.
Since the first shelter-at-home plans were put in place to stop the spread of Coronavirus a few weeks ago, over ten million Americans have applied for unemployment across the country, citing joblessness as a result of the crisis. But while it feels like the economy is at a standstill, life still goes on – and as many people whose bills and rent payments were due at the end of last month are all-too-aware, debt doesn’t go away just because your office is closed. So what can financial services companies like investment firms, credit unions, and banks do for consumers right now?
To learn more, Suzy reached out to our always-on panel of engaged, verified consumers and asked about the way COVID-19 is affecting their finances. We uncovered the following insights:
37% of consumers are doing more mobile banking than they did before the crisis began.
35% want financial companies to offer tips on how to manage money during this time.
Only 30% want financial companies to offer tips on investments.
We also probed deeper into what these consumers might want credit card companies to do during this time, and found out that not many of them are thinking that actively about this topic right now:
Only 15% of consumers are actively looking for a new credit card right now.
However, 38% say they’d be interested in credit cards that offer no interest or low interest rates.
Only 23% are interested in a credit card that provides points towards travel, airfare, or hotels.
46% think credit card holders should be able to skip payments without penalties because of the COVID-19 crisis.
17% of consumers want to be able to donate their credit card points to help the pandemic relief effort.
But what do the consumers who are most worried about paying their bills really want right now? We retargeted them and asked just that:
How do you think financial services companies could best help you during this time?
An overwhelming majority believe that freezing and delaying payments without late fees or interest is the best way to go:
“Prevent us from falling into debt or default, suspending collections for a few months or for the duration of this pandemic.”
“Suspend payments for at least 30 days and see where we are at that moment. Offer the possibility to skip payments and add them to the end of the loan.”
“Accept minimum payments without charging interest. This would enable companies to recoup extended credit, while not penalizing customers at this difficult time.”
Some also wanted more guidance about how to best navigate the crisis themselves:
“Help me understand the money that I or my business are eligible for. To help me to best understand what to do right now to protect my finances and my family. Maximize the benefits I can receive and the loans that I am eligible for.”
“I think financial services companies can help by providing precise, specific, and easy to interpret information about my financial options during this time such as payment options. They can also provide resources online for financial aid opportunities.”
Want to hear directly from your own consumers? Contact us to launch your first question with Suzy today.