Perception, it is often said, is reality. The pandemic that has spread across the globe has changed life dramatically for millions. These changes will be a reality for time to come, until people are safer. And of course, our behaviour will be altered as a result of the changes that have been made even beyond the periods advised by the authorities. The affects, I think it is fair to say, will be lasting.

What of the effects on businesses? We know that many businesses have been under pressure and are struggling to survive as a result of the restrictions that have been placed on them. There have been some businesses, that because of what they sell or the services they provide, have been considered essential. For all businesses, how they have reacted to this difficult and extraordinary time in history will alter their perception in the minds of the public.

When consumers think back to this time in their lives, it is fair to assume that they will ask the questions; “Who behaved the right way?”, “Who made sure I was ok?”, and “Did they offer help for the community?”

Unfortunately, we have seen examples of both good and bad behaviour. The idea that perception is reality has been a truism that I heard my grandfather say. The difficulties that we face might flip the phrase on its head, that reality will become the perception in the mind of consumers.

When thinking about the perceptions that may endure in a post COVID-19 world, it is worth looking at history before examining the possible outcomes for financial institutions and retailers, and how they are perceived in the future. After the 2008 financial crisis, many consumers lost trust in financial institutions, some still hold resentment that government bailouts were needed to ensure not just the survival of the banks, but the economic models that our societies are built on. The perception that retailers, and tech companies were more reliable became true for consumers.

Then came the data and political advertising scandals involving some of the big tech companies, leaving many people to lose trust and stop using those platforms. Lastly, we live in a world where once trusted news sources are perceived as leaning into further political extremes of their viewership or being accused of pushing “fake news.” The actions, or perceived actions, of each of these businesses or institutions has had long lasting effects on their perception in the public’s mindset.

Let’s start by looking at FI’s, and what perceptions may stay with them. It all depends on the actions they have taken – and mostly they have got it right. As an example, the UK banks have suspended interest on credit cards, given mortgage holidays and prioritised the needs of those whose work has been deemed essential. So far, so good.

However, some banks are facing criticism from small business owners who are struggling to make ends meet. They are accused of being slow to distribute the government backed loans. But as these loans require that banks must still burden themselves with 20% of loan cost, it would seem fair that they carry out the same checks that they would in normal circumstances.

In retail, many stores have been asked to close, unless they are selling food and other essential items. The response of stores that remain open has, on the whole, been good. Those that have acted fast to ensure the safety of customers and staff have rightly been commended. They have installed plexiglass and invited other essential workers to the front of queues so that they can get home to rest.

Some businesses and their owners have, even in the most generous of lights, had a PR nightmare throughout this crisis. Billionaire owners asking for taxpayer money to bail out their businesses, and the dismissal or furloughing of staff while paying bonuses to shareholders are chief among the criticisms. Some businesses have also attempted to take advantage of government schemes meant to support small businesses only to have to return the money they have borrowed, due to government and public pressure.

I suppose it would be good to think that those businesses and brands that have acted in the interest of the greater good will be those who survive and thrive in a post COVID-19 world. The reality is, even those businesses that have made mistakes in this trying time are likely to be forgiven, as these are strange and unchartered territories that we are all entering. There will likely continue to be good will towards those who have volunteered their own safety to keep society moving. Rightly so.

When we do come to a point where a sort of normality returns, those businesses that seek to protect and reassure their customers and staff of their safety are likely to be those who are preferred by consumers. Indeed, it may be that the perception of how you behave in a post COVID-19 world defines your future.