The Impact of Coronavirus on Financial Services

Saif Mogul, a Graduate on the Financial Services Graduate Programme, shares his insights on how coronavirus has impacted the financial services sector.

The effects of the ongoing pandemic are being felt in almost every sector, from retail to entertainment, sports, and of course the travel and leisure industries. Each sector is facing its own unique challenges.

The financial services sector has been exposed to many challenges since the coronavirus outbreak. One major factor has been the way in which enforced social distancing measures have changed the way that businesses interact with their customers. Fewer people are visiting their local branches, and this has put a major strain on channels like telephone support, online and social media as demand has increased.

Being on placement within the marketing team at Optimum Credit I experienced the role of the department shift during the pandemic. All our efforts switched to focus on responding to customers queries and providing the best possible solutions in a timely manner.

It has been very difficult at times due to the high volume of customer queries however, the team pulled together as a collective to deliver the most appropriate solution for each customer during this difficult period.

Many people have seen their finances directly affected as a result of the coronavirus, with permanent job losses as well lack of support for businesses in their first year. Business owners are also in need of additional help as many have seen their revenue drop dramatically. This has led to a sharp increase in the number of people trying to contact their financial services providers with questions, concerns or to request special measures.

The situation will require constant, careful handling from finance companies as they seek to reassure consumers, respond to their concerns, and earn their trust during this volatile period.