Financial Institutions like banks and credit unions were deemed critical infrastructure that were able to remain open throughout the Coronavirus pandemic. Most locations had to reduce hours, close lobbies, and transition to digital solutions to safely keep services available. As the isolation parameters are beginning to loosen, many FIs are seeking to expand hours and services to help maintain a stable economy and fully meet their customers’ financial needs. As banks and credit unions carefully consider when and how to reopen their branches, DeepTarget has curated four tips to consider as we all gradually and carefully return to normalcy following this significant public health event.
1. Prioritize Health Of Employees And Customers
The return to a pre-Coronavirus world will take time. As shelter-in-place orders are lifting, it may be tempting to jump right back to the old way of doing business. However, medical experts feel that significant health precautions will still need to be in place for many months following these widespread initial safeguards. Before reopening, team leaders need to carefully construct a plan to implement best health practices, alignment with employment laws, and guidelines for shared spaces for employees and customers. While these plans patience and long-term thinking, the benefit to your team, customers, and community are well worth the efforts!
2. Be There For Small Businesses
A recent BizJournal article shares that many small businesses have been “outraged” with how large megabanks handled the initial Paycheck Protection Program loan process, and more than 5 out of 10 of these enterprises are looking to move their accounts to smaller institutions as a result.
The clear takeaway for community banks and credit unions is to create a clear process and consistent communication with these businesses. Like personal relationships, business relationships bonds that forge during difficult time often result in a thriving, long-term relationship after the storm has passed.
3. Kick Up Critical Communications
Financial Brand recently reported that digital advertising trends have taken an intriguing twist in the wake of Coronavirus. Internet searches for financial services are way up indicating that the general public is aware of the financial stresses resulting from this pandemic and are preparing for an economic recovery that may take quite some time.
Now more than ever, your FI needs to provide highly relevant and valuable resources to your members or customers through consistent and convenient digital communication. This includes information about locally available resources, financial planning support and help for using digital services. For the first time, DeepTarget is offering a completely FREE resource available to ANY financial institution to help rapidly communicate to your customers or members with pre-designed campaigns and customizable messaging. DeepTarget Community is a quick start app that provides rich, customizable content with 4000+ ready-to-deploy banners. This is not about cross-selling or product promotions, but about using a trusted relationship to provide valuable resources and useful information to people in this time of uncertainty.
4. Offer Relevant Financial Services
Over the last two months, we have been able to observe the engagements of over 200 credit unions and community banks. We have found many shining examples of how you all have served as community leaders and advocates for your members and bankers. What we have also found is that your accountholders are facing situations that need financial support and products. Leading and forward-thinking financial institutions are promoting such products and services and doing so with relevance and empathy. They can include such support as skip-a-pay, or low interest consumer loans. These FIs are using digital services and seeing high, sometimes double-digit clickthrough rates. Therefore, a balance between community outreach campaigns, financial literacy and relevant financial products are resonating. DeepTarget clients have been able to leverage the full capability of intelligent targeting to automate and elevate customer/member engagement at this critical time.