Now Is the Time to Alleviate Financial Stress for Families and Businesses

My Post (15).pngThe rippling effects of COVID-19 on the economy has overwhelmed everyone. With the unemployment rate at 13.3%, people are trying to save their homes, their businesses, and support their families. Banks are flooded with customer requests to help delay debt payments or alternative financing options. Your employees want to help alleviate customer stress, but are navigating new government programs, adjusting to work from home, and now are having virtual empathetic conversations. As a banking leader, you are faced with balancing how to help customers immediately, educating your employees remotely, and understanding the long-term credit implications of your actions.

This is an opportunity for banks to reestablish relationships with families and businesses as a trusted advisor. Influential leaders in financial services around the globe know they must be part of this recovery. This means leading with empathy, understanding pain points, and ways you can help. The financial services industry is in a better place than it was during the 2008 Economic Recession and is poised to become a foundation for stability and support.

Here we discuss ways you can deliver an empathetic trusted experience that can identify, engage, resolve, and lead customers to financial recovery.

Identify vulnerable customers

Your customers’ financial stability is changing daily, increasing the demand for new credit and financial solutions. You must identify your at-risk customers to proactively provide solutions to alleviate financial pressures. This can be a challenge as most banks lack visibility and connection into both credit portfolios and customer analytics to manage risks across all product lines and departments. By creating a single source of truth with your data, you can have visibility into your operations and customer financial wellness.

Start with connecting your platform and banking systems to your back, middle, and front departments through integrations with APIs or MulesoftMascoma Bank leveraged Mulesoft to connect to their core banking system. This allows you to capture financial account data, service inquiries, and virtual meetings from any channel in one place. Now you have created a single source of truth. Analytics tools like Tableau and Einstein Analytics for banking can reveal real-time business insights to quickly sense and respond. Below is an example of a Credit Risk analysis of Small Business Loans in proximity to COVID-19 cases. Employees can see which small business customers might be affected by COVID-19 closures and proactively reach out to help.

By better understanding your customers, you can identify who needs immediate help and predict what areas could be impacted in the future. Use these insights as guidelines to adjust your operating model, protect the bank from the negative impacts of credit defaults, and revenue compressions. Now is the time to listen and focus on creating programs your customers need. – Read more

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