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Canadian Version Released: COVID Impact on Consumer Financial Services

How did consumers rate Canadian banks' response to COVID-19 related concerns? Learn that and more in our latest report.

COVID-19 and Consumer Financial Services:

Assessing the Impact on Banking, Insurance, and Wealth Management

We're pleased to report that the Canadian version of this popular report is now available for you to download. Findings are based on the results of our July 2020 online survey of household decision-makers in Canada.

The study digs in to better understand how consumers' financial outlook has been impacted by the pandemic, how behaviours have changed, and whether those changes are likely to last. From there, we've identified opportunities for Financial Institutions (FIs) to adjust their interactions and experiences for this new and dynamic environment.

Note that the report is just a topline summary of findings, and we have been able to dig in deeper to create specific reports for specific clients. There are dozens of topics that can be further explored, including:

- Where are consumers spending more and less? Do they foresee these changes to be long-term?

- What changes in shopping habits are underpinning any shifts in payment practices and attitudes?

- How do consumers rate Canadian Banks? What frustrations / pain points are top of mind and which banks responded best to consumers’ COVID-related concerns?

You can access the topline report here.  And as you continue to evolve your post-pandemic strategic plans, please contact us to request a virtual presentation and discussion of a customized version of the full report for you and your organization. 

Written by Michael Dolenko

Michael Dolenko, MA, is a partner at Phase 5 and the co-lead of the Innovation and Product Development practice. Michael is a sought-after moderator and survey researcher for clients in financial services, retail, technology, education and publishing. He and his team focus on product and service innovation and studies that support go-to-market initiatives.