Research finds the unprecedented support from banks and the regulator significantly helped customers during Covid-19, with no detrimental impact on bottom lines.
Our new report highlights the positive impact of the customer support that banks provided during the pandemic and calls for some measures to be re-introduced or modified to help the 17.5m people living in vulnerable financial circumstances navigate the rising cost of living.
In research conducted with Lloyds Banking Group, NatWest Group and Yorkshire Building Society, we looked at the response of major banks and building societies during Covid-19. The aim was to understand the impact of support measures like payment holidays and interest free overdrafts on customers and the financial institutions themselves.
The research found that many of the lessons learned can support financial institutions in the way they treat their customers and help people in vulnerable circumstances weather current and future financial storms.