Facing both Challenges and Opportunities, How can Financial Service Firms Survive under the Pandemic?

Abstract

After the breakout of COVID-19, many entity industries have to shut down. The rapid decline of money transaction caused by the shutdown of the entity industries has shocked the financial service industry while the increase in digital transactions also offers them opportunities. Facing both challenges and opportunities, financial services firms should change their target and compensation policy during the pandemic to survive. After analysing three major firms in this industry by using SOAR method, we conclude four keys for financial services firms to survive in COVID-19.