The UK banking system and the British Government have provided unprecedented financial support to consumers during the COVID-19 pandemic.
However, as loan payment deferrals and furlough support come to an end, lenders face a reputational cliff edge. If they get their response right, they are likely to continue to win hearts and minds. But if they get it wrong, their actions – or inaction – could define how their brand is perceived for years to come.
Search data provides a window into the shifting pressures, concerns and aspirations that financial services customers have. A key benefit of search data is that it captures the often very sudden patterns in consumer thinking. With the volume of potentially vulnerable customers likely to increase over the next few months, financial institutions can look to their customers’ online behaviour to gauge how best to provide what’s needed while also investing in their future brand reputation.
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Current account switching has been on hiatus for the last six months. Will things start to turn around as we approach the end of 2020?
Leo Brownstein of the Financial Research Survey team looks at the impact the COVID-19 pandemic has had on current account switching, and why things might start to pick up in 2021.