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Financial Services Research Bulletin August 2020

August 19th 2020

COVID-19 has brought uncertainty for every business sector, including financial services. Six months into the crisis, the sector has faced some of its biggest challenges and is now adjusting to its new “new normal.” Many people have been required to work remotely at home, whilst social distancing has meant that less customers can be served in branches. This, in turn, has placed added pressures on other channels such as telephone support and online and app-based transactions. Yet despite the challenges on multiple fronts, the sector has managed to increase its overall customer satisfaction scores over the last few months.

Throughout this period, TTi Global, a division of GP Strategies, has continued to collect data on customer perception and satisfaction and employee engagement within this sector. In our short report, we have highlighted some of the key shifts in these areas.

For instance, the financial services sector has continued to meet customer demands and support high levels of expectation, despite the huge disruption. As a result, the sector effectually increased their scores in many categories during March and April 2020.

Employee support and confidence in financial services employers have also seen some changes over the past months, and our research demonstrates this. We have seen an increase in positive perception of employee support in the financial services sector, ranking third next to the education and engineering sectors. Employee confidence in their employers’ responses to the pandemic remained the same, with the highest confidence in the engineering sector and the lowest in the retail sector.

Commitment to and promotion of diversity and inclusion has also been a hot topic. Our research shows that across March and April, organisations operating within the financial services sector are seen to be better at promoting diversity and inclusion than senior leaders are at demonstrating their commitment to it. The utilities sector presents the highest rating for senior leaders at 8.07, and engineering is the lowest.

This report demonstrates how customer expectations have changed quickly, with many scores increasing across numerous areas. The financial services sector needed to react and consider three critical areas: their staff, the customer, and how the future of COVID-19 may influence further changes. What we see in this report is a sector that overall reacted quickly, understood its customers and employees, provided confidence to stakeholders, and continued to provide high levels of service.

But what else does our research show? Have customers felt supported throughout the pandemic? What can employers do to increase employee engagement? And how can employers effectively commit to diversity and inclusion? Download our report to find out more.

If you have any questions about this report or any of our research services, contact gluckett@gpstrategies.com.