B2B Market Research has shown that in the months and years to come, the Covid-19 pandemic will present a series of problems that will determine the survival of many financial institutions.
Learning first-hand from financial services professionals and leaders can make an enormous impact on cost and strategic initiatives. Organizations that have plans informed by qualitative and quantitative primary B2B research will be well prepared for the changed landscape ahead.
Challenges
1. Severe credit losses
Pandemic-related lockdowns caused entire countries to close for months on end. Many of these lockdowns have already led to millions of businesses closing with more to come. Even as lockdowns are lifted and countries re-establish operating normalcy, many businesses will still be unable to meet financial obligations resulting in a sharp increase in corporate defaults.
How to understand customer insights to prevent lost revenue and debt?
To successfully navigate this new landscape, financial institutions must understand how clients not only think about their financial obligations but also their intentions and motivations.
2. More than $3 trillion in revenue forgone
McKinsey forecasts that $1.5 trillion to $4.7 trillion in cumulative revenue could be forgone between 2020 and 2024. To compete in a market with significantly lower demand, banks must differentiate themselves and accelerate innovation.
How financial institutions can reinvent their business models
- Understand client pain points, gaps and opportunities to meet the needs of a changing marketplace.
- Meet with decision-makers and financial services leaders to validate go-to-market strategy
3. Environmental, Social, and Corporate Governance will be more critical than ever
As millions of companies face going out of business, financial institutions must have an effective collaboration strategy to re-establish trust and address environmental, social, and governance (ESG) issues.
How to compete in this new hyper-competitive environment
The best competitive defenses and strategies are powered by accurate insights and high-quality data.
As the world’s leading B2B research company, NewtonX is the partner of choice for financial institutions seeking to not only survive but to thrive and win in the post-Covid-19 economy.
Our proprietary, AI-driven NewtonX Knowledge Graph scans and verifies an open network of 1.1 billion professionals across 140 industries to find insights and answers to any business question. We go to every corner of the world to connect you with the right sources, delivering 100% verified professionals to give your thinking a flawless foundation.
