Demand For Financial Services Surge During COVID-19

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Demand For Financial Services Surge During COVID-19

Demand for Financial Services Sees a Surge in Customers During COVID-19

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Q2 2020 hedge fund letters, conferences and more

The Demand For Financial Services Increases During COVID-19

COVID-19 is a frightening aspect and one that’s gripped the world by storm affecting many sectors and businesses alike. As concerns grow and develop during COVID-19 pandemic, financial services are seeing an increase in demand as people are striving to seek ends meet.

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Awaken Intelligence, the voice analytics software firm has developed research into identifying how the financial sector across the UK and US have been coping during the pandemic. They managed to do this by collating review data from Trust Pilot and cross-referencing the demands for these services in the first half of 2019 compared to the same period in 2020.

The categories include Banking & Money, Investment & Wealth, Real Estate, Insurance, Credit & Debit Services, and Accounting & Tax.

Key findings:

  • Both in the UK and across the Atlantic, there has been a significant increase in demand for these services. The UK saw a 175% rise, while the US has seen a 47% rise
  • Banking and Money sees a 204% and 148% demand increase for banking services across the UK and USA respectively
  • Investment and wealth services demand for the UK and the US has increased by 119% and 30% respectively
  • The demand for real estate services has increased by 311% for the UK and 26% for the USA
  • Credit and debit services demand has increased by 52% in the UK but declined by 16% in the USA
  • The UK and US sees A Captivating 372% and 517% Rise in Accounting & Tax Services Respectively

Further information can be seen here: https://www.awaken.io/blog/boom-or-bust

Financial Services COVID

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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