Even though some states are cautiously reopening, COVID-19 isn’t going away. In fact, based on the most recent flu pandemics, this outbreak will likely last 18 to 24 months. (CIDRAP) So now what? Prepare and use this time wisely to do more than just survive. Cutting costs and meeting client expectations are top priorities for most banking executives during this time. And their branches must be ready to function in this long-term new normal.
What do clients want?
Retail environments have had to make big changes fast. Even if some branches aren’t open yet, getting prepared is key to being successful in the short-term and long-term. Your client experience is part of what sets you apart from your competitors. So, what do they want? Clearly visible actions taken by staff will have the greatest impact on making consumers feel safe.
Feeling safe in a retail environment
- Cleaning staff visible and constantly cleaning 29%
- Signage stating the cleanliness processes used 5%
- Actively enforcing social distancing guidelines 16%
- Touchless entry/exit doors 8%
- Touchless credit card/payment systems at check-out 5%
- Glass or plastic barriers at customer/employee touch points 5%
- Hand sanitizer widely available 16%
- Testing customer temperatures before they enter the building 8%
- Clearly stated procedures for employee health monitoring 8%
(Babbage: FOCUS ON: Looking Forward — Starting to Return April 28,2020)
A Financial Partner
More than half (54%) of Americans say among the top five things causing the most financial stress right now is not having enough saved (41%for emergency savings; 23% for retirement), while almost half (48%) of individuals say they are worried about their ability to pay bills (28% for both housing payments and utilities; 19%for health care bills). (NEFE)
Right now, is a scary time for most. Even your most comfortable clients have to be careful. Being a financial partner and advisor is critical to keeping clients. Show that you are a Financial Institution that cares about their safety and financial health.
What do Banking executives need?
Top priorities are cutting costs, keeping clients, optimizing the branch network —this may mean closing some branches for good— and employee productivity.
Assess your branch network and seeing which branches need to be phased out or which ones need to be ready to provide more services safely. Use technology like TCRs that helps cut your costs and cut down on touch-points, making your branches safer. Migrate transactions to self or assisted service to maximize your employee productivity.
Mobile deposits and on-boarding saw an uptick, but maybe not as big as we thought. Digital activity only increase by 20%, while call center volumes have increase by 90% over one month at one large bank (FRACTAL). There’s a good chance you have noticed your phones ringing off the hook. During these times it is important to show you are available to help your clients.
Make sure you have the technology in place to offer the same services through different channels. Offer personalized advisory service through digital tools like Financial HealthCheck and video banking. And offer several ways for clients to complete transactions like self service and ITMs in your drive through.
Running your headquarters from home is no easy task. Especially if you are seeing an increase in in demand. But maybe it’s not all bad if it opens up opportunity to cut costs in the long run. 68% of CFOs say crisis-driven transitions to remote work will make their company better in the long run. (PWC CFO Pulse Survey, May 6, 2020)
There's a lot to consider in these dynamic times, but as an essential part of your community, you know you have to make some changes. Need help adapting to the new norm now? We developed a systematic methodology and set of a flexible kit of parts that is more than just essential safety modifications. Talk to on of our experts about what your needs are and get up and running in no time.
Talk to a Transformation Strategist today to get started on your branches.
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