As per McKinsey’s report, more than 50% of Indian consumers express optimism toward a quick economic rebound despite the 21-day lockdown. Consumers are gearing up to reduce their spending, with the exception of groceries and new forms of at-home entertainment. There seems to be a strong shift towards online spending.
Consumer behavior is changing across sectors, and the banking sector is no exception.
The COVID-19 crisis has had a phenomenal impact on the global and Indian Banking sectors. It is becoming increasingly important to take a long view of the situation and prioritize accordingly. Resilience, fueled by digital agility, is a way forward to achieve relevance post-COVID-19.
How banks respond to customer behavior could be pivotal to how Banks perform for years to come. For instance, Instant gold loan has seen a steep increase in an online search. But are banks prepared to meet customer needs?
Banks may have to manage and develop customer-specific requirements based on consumer behavior.
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