The COVID-19 pandemic has forcefully reshaped the way communities and businesses operate. Many enterprises, including start-ups, accelerated their digital shift as people observe home quarantine.
This digitization is expected to stay even when the crisis is over. For financial institutions, this means a phased approach for conducting business.
While the world has yet to see the end of the COVID-19 crisis, the pandemic presents an opportunity to outgrow old ways. Here’s how your financial institution can cope and survive as we transition to the so-called “new normal.”
7 Ways Financial Institutions Can Navigate Through the COVID-19 Crisis
1. Keep your team safe and healthy
Your team’s health and safety are top priorities during this critical time. It’s important to check on their well-being regularly, especially now that they are working from home.
The lack of social interaction is causing many people to feel down and anxious. It becomes even more crucial to monitor your team’s physical well-being and mental health as well.
Are they observing proper hygiene practices at home? Do you keep your lines open for communication, especially for employees struggling with remote working?
2. Assist your clients
People nowadays are not only fighting the threat of a virus’ spread but financial challenges, too. Many companies laid off employees due to the pandemic, resulting in millions of jobless people.
At a difficult time like this, it’s important to assist your clients. Many banks are offering grace periods and waiving fees for online transactions.
Reflect on the evolving needs of your customers. There has been an increasing demand for health coverage, insurance policies, and SME protection since the COVID-19 broke out.
Think about how your financial institution can offer these forms of assistance and short-term liquidity and cash flexibility. Also, given that many people are still staying at home, consider providing both traditional and digital helplines.
3. Communicate proactively with clients
Financial institutions need to communicate with their clients proactively, especially during a crisis. Now that people are spending more time online, it makes a wise move to utilize your social media channels.
When appropriate, offer advice on how they can navigate this challenging time and suggest relevant products. Also, take time to connect with your clients thoughtfully.
Apart from social media, you can also leverage SMS broadcast during this crucial period. Engage with your clients by sending quick updates or launching SMS polls to get their insights about their finances.
This way, you can better understand how you can help them get through this tough time. A reliable SMS marketing company like Mobile360 can help you efficiently, practically, and reliably engage with your clients.
4. Accelerate digital transformation
The demand for technology solutions increased as people stay at home. Video conferencing replaced in-person meetings, and online shopping overtook traditional retail shopping.
While some industries slowly open under strict guidelines, the “old normal” isn’t expected to return anytime soon. Put simply, there is a need to adopt new ways to cope with the post-COVID-19 world, and technology plays a central role.
Strategize new ways to interact with your clients using video or other digital channels. Accelerate your adoption of technology solutions such as websites, mobile applications, or workflow automation tools.
Use analytics to understand how you can serve your clients better. Also, consider leveraging machine learning to enhance claims management.
5. Come up with alternatives
The COVID-19 pushed communities, governments, and businesses to devise creative and innovative solutions to survive the pandemic. Since nothing is guaranteed from here on, it’s best to prepare alternatives.
Financial institutions need to have a strategic action plan in case the whole country goes under a lockdown. For example, how can you cater to clients who can’t visit retail branches?
Look into your options and review your alternative platforms. Then, start developing them as well as their key functionalities.
6. Explore new opportunities
While the COVID-19 crisis caused a significant impact on how businesses operate, it also presents an opportunity for growth. Take courage in the old saying, “In every crisis, there is an opportunity.”
Explore new spaces for growth amid this pandemic. Discuss with your team how your financial institution can leverage these new opportunities as the world transitions to the “new normal.”
7. Re-assess strategies for low-probability/high-impact risk events
Lastly, re-assess your plan and strategies for low-probability/high-impact risk events. Think about past events that adversely affected business models and balance sheets.
Then, study how financial institutions managed to survive those turbulent times. Come up with a robust framework to prepare for “black swan” events as nothing is guaranteed.
The COVID-19 crisis put many businesses at a standstill, and the financial industry is no exception. As hard as it may sound, this will not be the last crisis the world will tackle.
Outbreaks, natural disasters, and other forms of crisis may happen again in the future, so it’s best to be prepared. By leveraging technology and adopting new ways to survive devastating times, your financial institution can emerge stronger and more resilient.
Are you looking for a bulk SMS provider that can help you with customer engagement? Contact our team today to know more about our SMS solutions.