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Do You Think Covid-19 Will Have Profound Impact

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  • Apr 13th, 2020 2:04 am
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[OP]
Deal Fanatic
Dec 5, 2006
9565 posts
4761 upvotes
Markham

Do You Think Covid-19 Will Have Profound Impact

This post is not for discussion on covid-19 itself or financial impact . It is more on company and customer behaviour

Due to the recession, we see some changes from both companies and customers

Here are some examples ( at least in Ontario)
1: more banks allow customers do more banking stuff online that we use to have to go to branch
2: some retailers (for example second cup) no longer accepted cash
3: most people work from home
4: others

Do you think some of changes will change forever? Like even after pandemic, Companies are more and more open work from home to save cost? More cashless transaction? And some other customers behaviour change? Or after pandemic, everything will back to old time?

Thanks
26 replies
Deal Expert
User avatar
Feb 11, 2007
16051 posts
17340 upvotes
Oakville
I hope it changes.
1. We're already there. I haven't been to a bank in ages. I've never even been to an ING/Tangerine bank.
2. doubt it
3. nope, but many more will do than before. Probably mostly part time at home.
4. hopefully people will be more hygienic
We were already going more cashless.
Some anti vaxxers wil start vaccinating.
Member
Apr 10, 2019
366 posts
604 upvotes
Ottawa
Everything you listed are things 95% of people have been doing for years (except wfh). Maybe it’ll be the kick in the arse boomers needed to stop using their dirty cash or line up for 20minutes to see a bank teller.
Deal Guru
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Mar 22, 2005
11152 posts
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For the foreseeable future life has to be different. I hope this just goes away but as time goes on I'm less confident that will happen without a vaccine. :(
Sr. Member
Nov 14, 2010
967 posts
233 upvotes
Contactless payment: Even though the USA think Apple invented it with Apple pay, Canada has already had very high usage and acceptance of Mastercard Paypass/ Visa Paywave/ Interac Flash this (Tap on cards being around for ~12 years). A year ago contactless payments were close to half of all card-present transactions. Nowadays stores assume tap by default, so you don't have to touch the PIN-pad. I can see a drive to more common use of contactless after this is done. Maybe issuers that have dragged on Google Pay support (Rogers, MBNA), might step up. Maybe we'll start seeing other contactless payment types show up instead of cash transactions (at markets, private Facebook or Kijiji sales etc). Something like a WeChat Pay.

Public Hygeine: It wouldn't surprise me if we see more people continue to wear masks in public, even after this is over. There are other countries where this is common, even when there isn't a pandemic going around. Also stuff like stores sanitizing carts more regularly, people being more diligent at washing their hands, businesses sanitizing doorknobs and handrails more frequently.
Deal Addict
Nov 10, 2018
3992 posts
4175 upvotes
3) I suspect those people who couldn't work from home before who now see the benefits of doing so may leave for companies that are more flexible.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Sr. Member
Oct 14, 2014
671 posts
693 upvotes
Southern Ontario
angryaudifanatic wrote: 3) I suspect those people who couldn't work from home before who now see the benefits of doing so may leave for companies that are more flexible.
Yeah, I usually commute 3x/week from Barrie to downtown Toronto which most of my extended family scoffed at, but now I'm 100% working from home while their jobs are affected.
[OP]
Deal Fanatic
Dec 5, 2006
9565 posts
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Markham
GrumpyOne1 wrote: Everything you listed are things 95% of people have been doing for years (except wfh). Maybe it’ll be the kick in the arse boomers needed to stop using their dirty cash or line up for 20minutes to see a bank teller.
I know, those are just examples. If you think customers behaviour will change after covid-19 , you are welcome to share
Sr. Member
Nov 23, 2004
786 posts
1392 upvotes
Ontario
cheapskatescooner wrote: Contactless payment: Even though the USA think Apple invented it with Apple pay, Canada has already had very high usage and acceptance of Mastercard Paypass/ Visa Paywave/ Interac Flash
A year and a half ago I was down in Phoenix for work and paid at a Starbucks using my VISA tap. This was a Starbucks right in the bustling downtown of Phoenix. It blew the cashiers mind - she had never seen anyone tap before and asked me what I did to pay without putting the card in and thought it was the coolest thing ever. I've had similar experiences in other trips south of the border. It's been the "norm" for us in Canada for how many years now, but still doesn't have huge adoption down south it seems! Of course adoption may have increased in the last year, I haven't travelled much since that trip.
Deal Fanatic
Sep 1, 2004
6379 posts
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mindabsence wrote: A year and a half ago I was down in Phoenix for work and paid at a Starbucks using my VISA tap. This was a Starbucks right in the bustling downtown of Phoenix. It blew the cashiers mind - she had never seen anyone tap before and asked me what I did to pay without putting the card in and thought it was the coolest thing ever. I've had similar experiences in other trips south of the border. It's been the "norm" for us in Canada for how many years now, but still doesn't have huge adoption down south it seems! Of course adoption may have increased in the last year, I haven't travelled much since that trip.
50 states, 50 different set of laws. A million different terminals.

I spend 2 weeks in Cali last year. Some will do tap, some will do chip and pin and some are still good old mag strip swipes. It's infuriating and why CC fraud still prevalent in US.


The only thing I hope we get out of this is we pay frontline staff better and do better cleaning things that everyone put their hands on in public.

WFH may be good for some, but it's not good for others. And the economic ramification is huge.

While we suburbanites are all laughing with 1500-3000 sqft of space to roam, the people who are stuck in 300-600sqft may feel really cooped up. Plus I miss the banters and chatters when everyone is nearby in an office environment.
Last edited by Xtrema on Apr 9th, 2020 10:54 am, edited 1 time in total.
Sr. Member
Nov 23, 2004
786 posts
1392 upvotes
Ontario
Xtrema wrote: Some will do tap, some will do chip and pin and some are still good old mag strip swipes. It's infuriating and why CC fraud still prevalent in US.
I can totally back up that statement too - I've been to SF 7 times now, and hit with credit card fraud four of those times. Heck, I don't even shop at sketchy places either - just the typical airport shops and food/hotel places that you'd go on any business trip.
Deal Fanatic
Sep 1, 2004
6379 posts
5010 upvotes
BTW, out of all this, I turned into a total germaphobe.
mindabsence wrote: I can totally back up that statement too - I've been to SF 7 times now, and hit with credit card fraud four of those times. Heck, I don't even shop at sketchy places either - just the typical airport shops and food/hotel places that you'd go on any business trip.
And given it's the tech mecca of the world, people are still impressed by paying with a watch.
Deal Expert
Feb 7, 2017
15988 posts
13234 upvotes
Eastern Ontario
Xtrema wrote: 50 states, 50 different set of laws. A million different terminals.
And almost as many Banks!

As Cdns we like to b!tch about our BIG 5 Banks ...
And for the record, I am no exception here
What they charge us in fees is obscene
Only surpassed by what they make in profits (BILLIONS per Quarter)

All that aside,
There are definitely advantages to our banking system
Vs the one in the USA

Like how fast we can transition to using technology

INSTANT Debit ... tide to your Bank Account & not a CC
Tap - Pin & Chip all great things we Cdns have been enjoying for years (decades ? )
Got to LOVE IT all

Heck, I still occasionally run into Americans writing cheque’s in Grocery Stores in my travels !!!!
Haven’t seen any of that in Canada since what ... the 1980s

No wonder there’s so much fraud
It’s a system hanging by a thread in some instances
With over extended credit, foreclosures, and even banks going belly up

Nope happy to bank here. Thank you

EDIT / ADD - And the irony...
US Banks don’t want to give Cdns US Bank issued Credit Cards
Yet compared to those in their own country they DO ISSUE TO
They’d be often a lot better off
Extending Credit to us.
Interesting Pandemic Fact I learned ... About 33% of Cdns live pay cheque to pay cheque
But over 50% of Americans live pay cheque to pay cheque
So although we may not be the country of savers we were in the past
We still, for the average Joe & Jane are doing better than our neighbours
This pandemic is gonna hit everyone globally hard in the wallet
But it’s gonna decimate large parts of already suffering middle & southern America
Sr. Member
Feb 18, 2014
500 posts
295 upvotes
GrumpyOne1 wrote: Everything you listed are things 95% of people have been doing for years (except wfh). Maybe it’ll be the kick in the arse boomers needed to stop using their dirty cash or line up for 20minutes to see a bank teller.
Cash is king, it's not going anywhere.
When I price out a job the first question I'm asked is "If I pay you cash, can I save on the HST?" Some customers want to give me $10000-$20000 cash. Highest I was offered is $50000, I just laughed.
Deal Addict
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Dec 15, 2001
3150 posts
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Toronto
- work from home more
- less shopping trips (buy more each time)
- curbside pickup (tried Canadian Tire & ToysRus and i like it)
Deal Fanatic
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Mar 20, 2009
5072 posts
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Toronto
My fear is that this pandemic will further diminish our weakened privacy rights.
While I can appreciate the usefulness of using mobile technology to track both the virus and social isolation, it is also scary as shit.

My bigger hope is that this fiasco acts as a waking call for some of the inherent problems that come in a globalized world where you are dependent on other countries for emergency supplies. I hope it makes us reconsider our relationship with China with regards to the wide range of cheap garbage that they make with zero care about environmental effects. $100,000 worth of contaminated testing swabs is exactly what I would expect from a mindset that is focused on making the most profit from NA.
Deal Guru
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Oct 23, 2008
12025 posts
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GTA, ON
I wish Wal-Mart had tap. They still force their customers to use the pin pad. I would prefer not to touch that thing, especially at this time. Wal-Mart says it's for fraud protection. Lol... Nah, it's probably because they're too cheap to pay the extra transaction fee.
Tis banana is IRIE :razz:

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!
[OP]
Deal Fanatic
Dec 5, 2006
9565 posts
4761 upvotes
Markham
shikotee wrote: My fear is that this pandemic will further diminish our weakened privacy rights.
While I can appreciate the usefulness of using mobile technology to track both the virus and social isolation, it is also scary as shit.

My bigger hope is that this fiasco acts as a waking call for some of the inherent problems that come in a globalized world where you are dependent on other countries for emergency supplies. I hope it makes us reconsider our relationship with China with regards to the wide range of cheap garbage that they make with zero care about environmental effects. $100,000 worth of contaminated testing swabs is exactly what I would expect from a mindset that is focused on making the most profit from NA.
Good thought!

The economist has an article talking about exactly what you just said.
Deal Addict
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Aug 29, 2001
4408 posts
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Newbury, ON
Sounds great, the patriotic build it here method. Then you have to choose between paying workers unliveable bottom feeder wages or consumers paying through the nose for stuff made at a fraction of the cost overseas.

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