It has been more than 2 months now since we began quarantining and self-isolating. While so much remains uncertain, I am encouraged by the creativity and drive people have demonstrated as they look forward to different, but better days ahead. I am writing today to share what we at Phase 5 have been up to, and what we are planning to do next as it relates to providing you, our valued clients with the insights you need.
To begin with, we have been reviewing our pre-COVID studies and results through a new lens. When it seems like everything is different, it can be very telling to dig in and understand what remains constant in terms of consumer and business attitudes and behavior. We see these insights as an excellent starting point for moving forward. Watch for more info on our updated studies: (1) The State of CX in Canada, and (2) Small Business Banking in Canada & the US - coming soon, as well as our Financial Brand webinar with Jim Marous, CEO of the Digital Banking Report on August 4th.
How have businesses and consumers changed post-COVID?
Simultaneously, we began to tackle the obvious “What now? What next?”, and in short order we generated a new set of post-COVID questions that needed answers. With that in mind, we are designing new research studies to gain insights that will guide business strategy and set our clients up for success. One such study is “Financial Services in a Post-COVID World”, designed to inform banks, payment providers, insurance companies and wealth management firms how best to adapt to changing consumer needs and restrictions, as well as how to separate the short-term from the long-lasting.
More than ever, it’s important not to lose sight of the fundamentals. To Phase 5, that means keeping your decisions founded in data to reduce risk and increase chances of success. Understanding why your customers and prospects change their behaviour before simply reacting to how they have changed is a strategy that will serve businesses well in the long-term.