How did COVID-19 influence the purchase process of banking and finance companies – clients of software companies? Kraftblick is on its way to find out.
Kraftblick is talking with the management of Verizon Data Services, People First Federal Credit, Venture Out Consultants, and Hawaii National Bank.
– How did Coronavirus affect the banking sector?
The banking industry was not greatly impacted from a daily business perspective as we had various options to service customers remotely, and without lobby presence. However I believe we may see more impact financially as time goes on, great economic impacts.. so this first phase, in my opinion is minor.
– How do you feel Coronavirus changed the demand for professional IT services for the banking sector?
No changes in PS. Maybe in deep cleaning services.
– Are you planning to purchase custom software services for your company now or in the next following months?
No, we have everything we need right now. A post retrospect may change that after this event ends or becomes less active.
– How did Coronavirus affect the banking sector?
The impact has yet to be felt and its severity will depend on the bank’s portfolio and concentration of loans in businesses heavily impacted by government shutdowns and restrictions on operating environment. For example, many restaurants have closed and laid off their employees…hotels, rental cars, airlines, businesses catering to tourism are shutting down.
– How do you feel Coronavirus changed the demand for professional IT services for the banking sector?
The demand for IT hasn’t changed, at least in Hawaii. We can’t find staff, even prior to COVID-19. Unemployment was 2.6%; that will increase dramatically as businesses shutdown. Moving personnel to alternate locations and enabling the majority of staff to work from home has exhausted my IT staff; they’re doing a superb job but the lack of resources is constraining our ability to deliver as quickly as we’d like.
– Are you planning to purchase custom software services for your company now or in the next following months?
No plans to purchase custom software any time this year. We have on premise talent but we have long-standing relationships with a select set of vendors that can fulfill our needs.
– How did Coronavirus affect the finance sector?
The finance sector is not directly affected, but significantly by people not being able to pursue their financial needs like mortgages, rent etc. This means the demand for anything but the basic services has vanished. There is also concern about how people will earn/receive income without jobs, is going to be difficult!
– How do you feel Coronavirus changed the demand for professional IT services for the finance sector?
There is virtual no demand for change, it is very much BAU for basic services.
– Will firms plan to purchase custom software services for their companies now or in the next following months?
Any such purchases have been delayed unless critical for core services. It is a time for all firms to catch up where they have gaps or have missed doing the necessary. I hope that they all progress well and are in a great position when the worst has happened and they need to help get the economy going!
So only effected by working from home. Business is slow, and very few people are doing work. What that means business is slow. We are putting of purchases and changes until May, 2020.