Thanks to the Covid-19 pandemic, the financial services industry will face a series of problems that will determine which institutions survive.
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.
1. Severe credit losses
Pandemic-related lockdowns caused entire countries to close for months on end. Many of these lockdowns have already forced millions of businesses to close their doors, with more to follow. Even as lockdowns are lifted and countries re-establish normal operations, many businesses will still be unable to meet financial obligations. This will result in a sharp increase in corporate defaults.
How can financial service institutions understand customer insights to prevent debt and lost revenue?
To successfully navigate this new landscape, financial institutions must understand how their clients think about their financial obligations. More than that, they must understand their clients’ 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 can financial institutions 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 issues 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 can financial institutions 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 not only to 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.