Cost of Living Crisis: The Importance of Proactive and Empathetic Outreach for the Banking & Finance Industry

With inflation rates hitting record levels worldwide, there’s no doubt we are entering a global cost of living  crisis. A recent report noted that the highest recorded global inflation of the past decade took place in  2008 when the inflation rate was approximately 6.4% compared to the previous year. As of July 2022, the  U.S. and the U.K. are seeing 40-year record level highs with rates in both regions at 9.1%. Specifically in  the U.K., the Bank of England forecast predicts that the inflation rate will hit 11% by the end of 2022. 

With the cost of goods and services being high we know this is going to affect consumers, but how is this  going to affect organizations, particularly ones within the Banking & Finance industry?  

While there will be many areas of impact, let’s focus on four key areas and how organizations in the  banking and finance industry can prepare and avoid negative impact.