Covid-19 has had devastating effects on millions of lives. People have lost jobs, businesses and suffered significant setbacks in their careers and financial goals. Many are worried about their finances and must make smarter financial decisions going forward. It will be beneficial to banks to offer money management services, not only to their customers but to the general public as well. Capital One has already taken on the initiative, providing a money management page on their website geared towards individuals and businesses. More can be done by creating money management apps that can help with budgeting, tracking spending and gaining professional consultations, if necessary, all in one place.According to Bob Neuhaus, vice president of financial services intelligence at J.D. Power, great financial advice is a key differentiator for retail banks at a critical moment in time. If customers are financially literate, wiser economic choices will be made and the economy will be better off on a whole
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Covid-19 has had devastating effects on millions of lives. People have lost jobs, businesses and suffered significant setbacks in their careers and financial goals. Many are worried about their finances and must make smarter financial decisions going forward. It will be beneficial to banks to offer money management services, not only to their customers but to the general public as well. Capital One has already taken on the initiative, providing a money management page on their website geared towards individuals and businesses. More can be done by creating money management apps that can help with budgeting, tracking spending and gaining professional consultations, if necessary, all in one place.According to Bob Neuhaus, vice president of financial services intelligence at J.D. Power, great financial advice is a key differentiator for retail banks at a critical moment in time. If customers are financially literate, wiser economic choices will be made and the economy will be better off on a whole.
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