How Banks can help customers during COVID-19

Don’t Panic. Protect the Pocketbook.

By Brooke Worden, President, The Rudin Group

Let’s face it. Banking customers don’t want to hear from their banks about washing their hands. And they don’t want to hear from banks about hand sanitizers or remaining calm. Leave those messages to other brands. There are plenty of them. From pet retailers to party supply stores, our inboxes are flooded with nearly identical CO-VID 19 communications, and most get lost in a sea of sameness.

Banks have the power to communicate differently. And they should. Right now. Rather than sharing the same generalities, banks should zero in on pocketbook issues. And instead of sharing the same content as other brands, banks should focus on specific actions their customers can take to help themselves in these unprecedented times. Banks have the power to provide that help.

If you’re a bank executive working at home for an extended period of time, use your solitude to think creatively about actions you can take now to empower your customers in ways you haven’t before. With an open mind, social distancing can be an avenue to creativity. Step away from your computer. Walk your dog around the block. Draw your customer’s journey on paper and then think about how CO-VID 19 has transformed it. What could you do right now to transform the banking experience of your customers?

To get you started, here are some practical ideas for banks to consider:

1. Waive fees. Every little bit helps in times like these. Every dollar counts, and your customers will remember that you took this action when things settle down. Use a variety of channels to communicate the decision, including social media.
2. Waive minimum balance requirements for both your individual and small business customers. Many of your customers may be experiencing cash flow problems due to loss of income or unforeseen business interruptions. Consider partnering with small business organizations and customers to get the word out.
3. Offer free overdraft protection for your customers who need it. Make sure to proactively communicate that this safety net is available for those in economic need. Personal finance media can help you tell this story of this and other banking benefits you are providing.
4. Allow your customers to skip a month of payments on bank-issued credit cards with no interest penalties. Big technology players such as Apple are offering customers a month of breathing room in exactly this way. Why not banks? Enlist a bank executive to write an opinion piece about what banks can learn from the technology sector and vice versa.
5. Reimagine the journey of your customers as entirely digital. Are there bank procedures that “require” a branch visit that could now be done virtually in order to help your customers? Consider hosting a live-streamed conversation about the banking experience you have reimagined on an easy-to-access platform like LinkedIn Live.

You know your customers best, and you’ll likely be able to add to this list in no time if you give it some thought. Offer your customers some extra help during these tough times, and you’ll keep them for life. You will attract new customers to your bank as well. Try it and see what happens.

Brooke Worden is President of The Rudin Group, a global boutique marketing firm operating at the intersection of wealth management, next-gen and fintech. She can be reached at [email protected].

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