This summer, financial services organizations were split on when they expected the effects of COVID-19 on their organizations to meaningfully lessen. Roughly 40% expected them to lessen by the end of the year, and the same share expected that challenges would not ease until 2021 or later, according to a Crowe survey on business challenges. About 19% said they didn’t have enough data to make a projection.
Regardless of when COVID-19 effects ease, though, most banks are seeing hits to revenue. By summer, less than 10% of financial companies expected any increase in 2020 revenues over the previous year. Seven in 10 expected a decrease in revenues, with 14% predicting a severe decrease.
Over the course of the survey, top concerns among survey respondents were employee health and safety, decreased top-line revenue, the effects of lockdown orders, cost management and keeping up with regulatory changes.