Consumers are concerned about the economy

The Story: As the COVID crisis continues, people are facing increased stress about both personal finances and the longer-term effects on the broader economy—a psychological shift in consumer confidence that must be addressed.

The Takeaway:  Financial institutions have a critical role to play in guiding customers through the current crisis and any recessionary impacts that follow. Smart banks and credit unions will double down on investing in their relationships with core customers —proactively reaching out, providing timely, clear and helpful information, and building valuable trust by communicating with purpose, humanity, and clarity.

Source: Accenture, July 2020