US Financial Services Insights COVID-19’s Impact on the Financial Services Industry

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Examining how COVID-19 is changing the financial services industry

The COVID-19 pandemic has significantly changed how consumers feel about their financial security. With rising unemployment and decreasing consumer confidence, individuals and businesses are looking more to their financial institutions for support. At the same time, some see the current market as an opportunity to jump into investing.

Aside from consumer sentiment, social distancing requirements created a greater urgency for financial institutions to make sure their banking and investing options are available online. It’s more important than ever to understand and adapt to shifts in online consumer behavior.

By examining Quantcast’s first-party data set, we took a closer look at how financial services audiences are changing in the time of COVID-19.

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As unemployment and financial fears grew, so did visitation to Finserv sites

With the rise in unemployment and the realization that the pandemic may last longer than expected, there are suddenly multiple reasons why people would need to visit their financial institution’s website. Not only are people checking their account balances to ensure they can cover their expenses in the next few months, but some may also be considering loans or credit cards that can provide financial support. Additionally, many small business owners are looking for participating lenders of the Paycheck Protection Program, the loan program that helps small businesses keep workers on the payroll and cover business costs.

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