The COVID-19 pandemic is straining economies and individuals alike. Companies must take advantage of this opportunity to think creatively about how they operate. Forrester looked at how more than 20 companies changed their policies and procedures in response to COVID-19. Three key themes emerged as firms:
Reduced sources of stress. Financial services firms, including Bank of America and Citibank, eliminated overdraft fees and offered deferred loan payments for customers experiencing financial distress.
Added benefits. Alberta Blue Cross launched the Text4Hope program to provide members with daily text messages containing advice and behavioral health support.
Embraced their ecosystem partners. Coal India offered flexible payment options to energy producers, including acceptance of bank-issued letters of credit.
Companies aren’t taking these steps because the government is twisting their arms. Ahold Delhaize’s Giant and Stop & Shop grocery chains proactively implemented dedicated shopping hours for high-risk individuals before any government guidance or regulations were released, part of a wave of firms setting a standard for a reimagined shopping experience.
This post was written by Senior Analyst Judy Wearer and VP, Principal Analyst Rick Parrish, and it originally appeared here.
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, marketing, customer experience, product and sales functions use customer obsession to accelerate growth. Through Forrester’s proprietary Research, Consulting, and Events, leaders from around the globe are...