Financial institutions may want to consider using the time of disruption caused by COVID-19 to reinvent themselves and re-calibrate for the future.
Before COVID-19, the financial services industry was experiencing a time of unprecedented growth and innovation. Several weeks into the year, financial institutions, faced with the fallout of the global pandemic, faced temporary branch closures, staff working remotely, and the need to transition to digital platforms to meet their customers' and members' needs. Now, with no end in sight to the pandemic, financial institutions are using this time to reinvent themselves and re-calibrate for the future.
As we were preparing for our Aug. 3, 2020, webinar, "Back to the New Norm: Payments Innovation Priorities," we came across two articles on the topic of COVID-19's impact on banking, which we thought were especially timely. We thought they would be of interest to you, as well.
Below, you will find highlights from each article and links that will take you directly to them.
"There has not only been a major change in the way financial institutions conduct business, but in the way employees do their work and the way consumers manage their finances," The Financial Brand pointed out. The article,
"Reimagining Banking During and After COVID-19," goes on to say:
Banks and credit unions must use this time of disruption to consider reinventing themselves from the inside out. It is a time when we need to better understand the way consumers expect their financial institution to support their financial needs. This includes the way banks and credit unions use data, AI, technology and human resources to impact marketing, innovation and the digital delivery of products and services.
The article, based on a recent Financial Brand Podcast series, examines three specific areas:
- Digital Delivery
Recalibrating for the Future
PwC, a global network of firms delivering assurance, tax, and consulting services to businesses, addresses how financial institutions can recalibrate now for the future. In its article, "How Retail Banks Can Keep the Lights on during the COVID-19 Crisis – and Recalibrate for the Future," it highlights several important topics:
- Focusing on business continuity planning on issues for survival
- Showing empathy to your customers while making sound business decisions
- Rethinking your balance sheet challenges while managing loan stress and customer sensitivity
- Finding ways to trim your costs quickly
- Resetting your revenue outlook
- Replotting the post-COVID-19 strategy
Also included in the article are concrete steps financial institutions can take to support their customers and communities and position themselves for the future.
Back to the New Norm: Payments Innovation Priorities
In light of COVID-19's impact on the industry and, specifically, to NEACH members, we are offering a free webinar on Monday, Aug. 3, 2020, from 2-3 p.m. titled "Back to the New Norm: Payments Innovation Priorities."
In this panel discussion, panelists will discuss several of the challenges addressed during the pandemic and existing strategic initiatives members should consider adopting as they develop their own Payments Strategy. NEACH will also demonstrate its portfolio of valuable tools and resources that are available to all NEACH members.
- Kevin Olsen, SVP, Payments Solutions, VSoft Corporation, The Payment$ Professor
- John Macaluso, Principal, CCG Catalyst Consulting Group
- Connie Loveland, CFO & Treasurer, Fidelity Bank; Chairman of NEACH Board of Directors
You can register online.
We hope that you can join us!