And with social distancing encouraged, unnecessary in-person bank visits don’t seem like a good idea.
Becoming more reliant on cashless payment and less reliant on face-to-face customer service will be a difficult but necessary change, especially for those in the US.
By looking at the preferences of the different types of consumers above and ensuring those preferences are spoken to, banks can help people get used to our new normal.
Dealing with the fallout
Beyond physical transactions, there is of course more financial institutions can do to aid consumers with the fallout of the Covid-19 epidemic.
For example, financial advice is being sought online by many. We’ve seen a large rise in posts on the subreddit r/PersonalFinance.
Even in early February, people were beginning to think about the potential economic effects of the spread of Coronavirus.