March 19, 2020

Engaging Customers Through Crisis

There is an opportunity for banks and credit unions to leverage digital channels to not just weather the storm, but position themselves for a strong future, by clearly and consistently communicating with their customers/members throughout trying times.

The COVID-19 (Coronavirus)situation is still developing and we do not yet know the full impact of this public health crisis.

But the need for banking services will not cease. What’s more, we know that – as with other significant national times of crisis – following the pandemic, there will be an increased need for credit, savings, and investment accounts, and other financial services.

Unlike ever before, there is an opportunity for banks and credit unions to leverage digital channels to not just weather the storm, but position themselves for a strong future by clearly and consistently communicating with their customers/members throughout this trying time. Organizations with easy-to-use digital solutions and relevant messaging across digital channels will be ready when the public focus shifts back to their financial health.

We would like to address the current climate for the Financial Industry and offer practical advice on actions you can take to serve your customers and members better.

Here’s what we know so far:

  • During these social distancing and isolation periods, people are going to decrease use of potential virus touch points including visits to branch locations, use of cash or ATM machines, even drive through services with shared tubes or computers.
  • Banks and credit unions may need to reduce branch hours or completely close branches due to staffing challenges or for the health of their customers and members.
  • Employees are going to look to leadership for guidance and comfort during this unprecedented time.
  • People still need banking services.

 

You can still:

Connect with your customers/members in a meaningful way.

  • Understand that this time is changing the way people are thinking about how they connect with the businesses that provide their go-to services. From restaurants to credit unions, the results of this public health crisis may very well change the way consumers who previously visited branches regularly conduct business forever. Leverage digital channels to engage and connect with them to remain top-of-mind for their financial needs.
  • Use all of your digital channels to clearly and consistently share information for pertinent to the products and services available remotely. While customers/members are changing their regular routines, this is a great time to show you are thinking about everyone’s wellbeing. Make sure they know all of their options! Particularly for those members that are at higher risk, provide education on your online, mobile, text and audio banking functions.

Fast track digital services and communication.

  • Achieving full digital capabilities has been on the “to do list” of many banks and credit unions. Now the time has come for financial institutions to fast track the development and full use of these digital innovations by adding more platforms and communications to your digital plate.

Create a connected, positive team member experience.

  • Stay calm and move all team meetings and touch points to online alternatives.
  • Equip your employees with consistent internal and external messaging so everyone is on the same page and sharing the same information and resources.
  • Staff members who normally host in-person meetings may need to schedule call in meetings or temporarily handle digital services like bill pay or money transfers to assure a smooth customer experience during this difficult time.

Implement a great marketing plan.

  • You may need to adjust your marketing calendars (for example, if you were planning on running a Travel Promotion, maybe Skip A Payment is a more appropriate promotion as income levels may fluctuate during this time), but DeepTarget solutions can make ease simplify this task with our “Design Once. Engage Everywhere.” capabilities.

Network and share best practices.

  • Engage in informative, online tools like webinars to brainstorm the ideas that will help you succeed during this unexpected situation.

 

The need to effectively communicate to your members and customers over the next few days, weeks and months will only grow as this situation develops. For example, with a government stimulus, financial institutions will need to share with their members and customers information about the relevant the products and services offered. The most effective way to do this is through digital banking channels including OLB, Mobile Banking, Email, Web, E-statements.

Unexpected circumstances often spark economic and business downturns, however during these periods of change, success will be achieved by those organizations able to quickly adapt to their new environment. Being agile, decisive, and responsive during times like these are key to a future of thriving, not just surviving.

DeepTarget can help.

We are offering the new Critical Community Outreach Quick Start Package at no cost to all our clients to help jumpstart the deployment of critical communication with account holders. This package includes pre-designed campaigns that include Coronavirus awareness information, branch closures and modified hours, digital services like online bill pay, community closings and regulations, scam alerts, community food distribution programs, and more.

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