4 Tips For Financial And Banking Institutions To Thrive In A Post Coronavirus Landscape

Throughout our brave new world, nations are contending with the myriad of repercussions from the COVID-19 global pandemic. Drastic measures have been implemented during this unprecedented period in an attempt to curtail the spread of the virus. Yet, undoubtedly this crisis will subside, and gradually we will return to a semblance of normalcy. For future success, institutions in the industry should consider things like financial website design and marketing services. In this article, we discuss 4 tips for financial and banking institutions to thrive in a post Coronavirus landscape.

Proven And Effective SEO Will Be Essential For The Financial Industry

To thrive in a post Coronavirus landscape, businesses operating in the financial industry should think about utilizing proven and effective professional SEO services. By employing effective and proven SEO strategies, a financial institution will drive organic traffic to its website, and maximize ROI.

When the COVID-19 pandemic subsides, effective SEO will be essential for the success of businesses operating in the highly competitive financial industry. Proven SEO tactics such as keyword research, optimizing your institution’s website for SEO, in addition to using and optimizing Google My Business are all crucial elements for future success in the financial industry.

Content Creation Will Be Key For Businesses In The Financial Industry To Thrive In Toronto

Once the Coronavirus crisis comes to an end and we gradually return to a semblance of normal, businesses in the financial industry must consider proven content creation to increase brand awareness, grow, and thrive. That’s why it’s key to choose the best content marketing agency Toronto services.

With exceptional and relevant content creation and marketing, you will reach your target audience, increase the brand awareness of your financial business, and ultimately, increase your client base. Whether it’s newsletters, whitepapers, infographic design, or other forms of content, content marketing is a proven strategic marketing technique that will give you the advantage in the highly competitive financial industry.

Attract New Clients With An Outstanding Professionally-Designed Mobile-Friendly Website

In order for a business like a banking and financial intuition to truly succeed in a post Coronavirus landscape, you must distinguish yourself from the competition in this ultra-competitive industry. Having outstanding website design will be imperative to increase your client base once the pandemic ceases. Taking into account how extremely selective people are when it comes to who they trust their hard-earned savings with, financial institutions must convey the highest degree of professionalism and trustworthiness. Potential clients are unlikely to even entertain the thought of a financial institution that does not emanate upmost credibility and professionalism.

Trustworthiness is an essential component to building brand credibility, which in turn, will instill customer confidence in your financial business. Having outstanding, mobile-friendly web design, powerful web development, coupled with effective marketing strategies is crucial for financial and banking institutions to thrive in a post Coronavirus landscape.

How The COVID-19 Economic Response Plan Pertains To Financial And Banking Institutions

The global COVID-19 pandemic is a fluid situation, which changes from day to day. The Ontario government recently extended the state of emergency and issued a mandate for the closure of all non-essential workplaces in an attempt to curtail the spread of the Coronavirus.

In order to supplement the inevitable income loss that many Canadians are experiencing during the pandemic, it is important to understand the relief measures implemented by the federal government in the COVID-19 Economic Response Plan. Amongst the measures providing economic support to Canadians during this challenging time is the Canada Emergency Response Benefit (CERB):

“We will provide a taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost their income due to COVID-19.

The CERB is available to workers who meet all of the following conditions:

• live in Canada and are at least 15 years old
• stopped working because of COVID-19 or are eligible for EI regular or sickness benefits
• have not voluntarily quit their job
• had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application.

On April 15, we announced changes to the eligibility rules to:

• Allow people to earn up to $1,000 per month while collecting the CERB.
• Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work because of COVID-19.
• Extend the CERB to workers who have recently exhausted their EI regular benefits and are unable to find a job because of COVID-19.

An online questionnaire will help us direct you to the service option that best fits your situation (i.e. eligibility for Employment Insurance benefits or not).”

Federal finance minister, Bill Morneau explained the impetus for the introduction of CERB.

“We know that people are worried about their health, their jobs and their financial situations. Our government is doing whatever it takes to protect the health and safety of Canadians, and to support workers, families and businesses. The Canada Emergency Response Benefit would make sure that money gets in the hands of workers as quickly as possible to support them in their time of need, and would help businesses keep their employees during this difficult period. Canadians can rest assured that the government stands ready to take any and all necessary actions as we continue to confront these challenging times together,” Morneau stated in a press release.

Additionally, at the beginning of April the federal government announced the details of measures that will support Canadian businesses affected by the COVID-19 outbreak. On April 1, the Department of Finance announced the Canadian Emergency Wage Subsidy (CEWS): 

“The Government of Canada is taking immediate, significant and decisive action to support Canadians and businesses facing hardship as a result of the global COVID-19 outbreak.

To help Canadians and businesses get through these tough economic times, the Prime Minister, Justin Trudeau, announced that the Government is proposing to introduce a wage subsidy of 75 per cent for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.

This measure, which is a part of the Government of Canada’s COVID-19 Economic Response Plan, would support businesses that are hardest hit by the COVID-19 pandemic and would help protect the jobs Canadians depend on during these difficult times.

• The Canada Emergency Wage Subsidy would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week. The program would be in place for a 12-week period, from March 15 to June 6, 2020.
• Eligible employers who suffer a drop in gross revenues of at least 30 per cent in March, April or May, when compared to the same month in 2019, would be able to access the subsidy.
• Eligible employers would include employers of all sizes and across all sectors of the economy, with the exception of public sector entities.
• For non-profit organizations and registered charities similarly affected by a loss of revenue, the government will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances. The government is also considering additional support for non-profits and charities, particularly those involved in the front line response to COVID-19. Further details will be announced in the near term.
• An eligible employer’s entitlement to this wage subsidy will be based entirely on the salary or wages actually paid to employees. All employers would be expected to at least make best efforts to top up salaries to 100% of the maximum wages covered.”

Although much of the world is in the grips of a crisis scenario, the COVID-19 pandemic will inevitably end. The Coronavirus outbreak will subside, and we gradually we will return to a new normal. In the interim, stay safe, stay well, stay connected to family, friends, and neighbours, and remember to be kind. There is light at the end of this tunnel, and collectively we will prevail over this scenario.

Sarah Bauder

Sarah Bauder is a senior content specialist at Little Dragon Media. Sarah has a degree in journalism and has a decade of experience writing content at numerous renowned publications. She enjoys writing about digital marketing, business, entrepreneurship and more.