Community Banking In A Post-Covid World
Covid. Coronavirus. The Pandemic. COVID-19. SARS-CoV-2. The Wuhan virus (someone even called it The Plague) – regardless of how it’s referenced, we’re all keenly aware of the vast implications these names have had on our lives. The same applies to our family, friends, co-workers, business associates, and our banking customers. 2020+ has forever changed our world, the way we live our lives, and the way we’ll be banking moving forward.
Safety. One of the new golden rules will be about making branches cleaner and safer while following the ever-changing rules of social distancing. But that’s just the start. Your customers are looking to be educated about the steps you are taking, the resources you’ve implemented, and most importantly be assured that when they walk into your bank they are in a safe zone.
Let’s be honest. We’re on edge, mentally drained, and it’s going to take a gargantuan effort to push back to normal – whatever that ends up being. Just as Covid pushed us apart, the human element is the secret sauce to repairing, strengthening and nurturing customer relationships – ultimately bringing us back together again. Whether this is done in person or online – there are a myriad of ways to accomplish it but, it must be at the forefront of our banking efforts moving forward. It could be a message or philosophy that’s recognizable in everything from our digital ads to website and brochure product descriptions, Skype meetings to social media content, email messages to the way we say hello to someone who walks in or calls a branch.
Will we be shaking hands at meetings and networking events, or when finalizing a mortgage with a new customer? Elbow or fist bumps maybe? Time will tell. But as banks we must remember that people have entrusted us with their finances, a personal decision of trust that must never be broken, perceived or otherwise. How can we overcome the stigma of exactly what a bank/customer relationship entails now? There are strategic initiatives that can accomplish this based on building off of your current approach to customer engagement. A newer example, maintaining that personal relationship digitally through one-on-one live video “mobile banking” with a CSR - an area that will see immense growth and offers unlimited potential to humanizing digital channels.
Covid has altered the direction and importance of continued focus on cost reductions, creating Open X environments. Better utilizing the Cloud to improve customer experience. Taking on destructive non-financial risks, strengthening efforts to combat threats to HR, legal, data cyber and fraud. Adjusting your business continuity plans. Introducing Banking as a Service. Balancing automated bots with the need for real customer engagement. Re-defining the branch model, the work-from-home model, product development and advancement, identifying new revenue streams while improving outdated IT infrastructures. Employee motivational programs, external programs to drive company culture. Adapting to changing customer expectations. Growing a green and sustainable bank. Implementing “segment-of-one” marketing with hyper-relative content. Planning for future natural disasters. Re-energizing new customer acquisitions from the top down. Re-creating the One-stop shop. And did we mention FinTech?
All of that is another article for another time because Kate says my 500 words are up and I also have an ad deadline. But I’ll leave you with one more thought. Hang in there. We’ve got this.