This summer, financial services companies were split as they expected the impact of COVID-19 on their organizations to decrease significantly. About 40% expected them to decrease by the end of the year, and the same proportion expected that the challenges would not ease until 2021 or later. According to a Crowe business challenge survey. About 19% said they didn’t have enough data to make a projection.
Regardless of when the COVID-19 effects wear off, most banks are seeing a drop in revenue. By summer, less than 10% of financial firms were expecting revenue to grow year over year in 2020. Seven out of ten expected sales to decline, with 14% forecasting a sharp decline.
During the course of the survey, the main concerns of the respondents were the health and safety of employees, the decline in sales, the impact of blocking orders, cost management and compliance with regulatory changes.
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