With only 29% of all small business and middle market customers having a more positive opinion of their bank during COVID-19, company owners and executives are projected to switch banks at 2 to 3 times the normal rate. Frustrations as a result of...
The second quarter of 2020 will go down in history as being the event that pushed the financial services industry to rethink their customer experience model. Sure, banks have business contingency plan but no one could have anticipated the scale and...
With the initial shock of the COVID-19 pandemic behind us, corporates in Asia are gradually adapting to the “new normal.” For many businesses, the reality of the sustained impact on their operations, sales and supply chain is driving changes to...
Inarguably, COVID-19 has precipitated an unprecedented slowdown in economic activity across the world, adversely impacting people, businesses and sectors. As corporates attempt to secure additional funding during the downturn, banks (and other...
There has been considerable discussion about whether cross-country banking is decreasing in the wake of the COVID-19 crisis. Our recent research paints a more differentiated picture. World trade reached its maximum in 2007 at 61% of world GDP and...
Commercial banks are redefining servicing models for small and midsize companies to prepare for the “new normal” era, as businesses return to work following the COVID-19 shutdown. We have closely monitored banking client behaviors for more than...
The COVID-19 public health crisis has affected nearly all aspects of the economy, and banks have played an integral role in distributing emergency funding. The spike in government-backed loan applications put incredible strain on the banking...
Many small businesses have found their banks ill equipped to handle their Small Business Administration Paycheck Protection Program applications. At a time when business owners are feeling overwhelmed, banks could be more responsive and...
Small businesses that have applied for a loan under the Small Business Administration’s Paycheck Protection Program have some pointed feedback for the banks executing these loans. Banks should listen closely to what business owners are saying and...
As commercial and corporate banks continue to adapt to the COVID-19 situation, one of the biggest adjustments is the shift to the majority of senior executives now working remotely. This unanticipated shift in operating models presents bankers with...
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