Differentiation: A Critical Component for Post-COVID Success

Differentiation: A Critical Component for Post-COVID Success

By Q2

5 Aug, 2020

For many financial institutions (FIs), the past months have been a whirlwind of adaptation. The COVID-19 pandemic has challenged their business models, impacted their employees, and given their account holders a new set of needs to navigate. By distributing Paycheck Protection Program (PPP) funds for businesses and offering skip-a-pay and other beneficial services, FIs have been doing their part to help keep the economy afloat.

Competition hasn’t disappeared

Rather than embrace the novelty of flashy fintech tools, both businesses and consumers are turning to their FIs for guidance throughout this crisis. Small businesses report increased trust in their financial institutions and feel that they’re receiving vital information from their FIs.

But as some semblance of normalcy eventually returns, FIs will once again have to face off against fintechs and refocus their business on competing in a crowded market. Here are a few things that FIs should consider as the pandemic unfolds, and we approach that new normal.

Additional resources

  • Discover Q2’s digital solutions for retail and business customers.
  • Learn how Q2 empowers FIs to offer the experiences account holders want through open, integration-ready architecture.
  • Read how Q2 helps unlock the power of data to grow and deepen account holder relationships.

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    Written by Q2