11 May Is Your Bank Preparing for the Post COVID-19 Economy?
The economic fallout from COVID-19 will take time to fully understand and eventually resolve. Communities and businesses are already facing significant costs on both personal and fiscal levels. But many organizations are turning to the future, and banks are among them. As core players in the fight to restore the economy and alleviate economic hardship, banks need to start preparing for the post COVID-19 economy now. Here are a few options for banks looking to future-proof their operations and increase revenue:
Protect your bottom line
Every time we fly on a plane, we’re told—in the event of an emergency—to put on our own masks before helping someone else with theirs. Serving your customers during and post COVID-19 is much the same. Protecting your bottom line will empower your bank to better help customers.
High unemployment rates are expected to create a sharp decline in new deposits, and—with fewer people moving and making large purchases—auto and home loans will stall as well. This means preserving capital and cash should be a priority for your bank. Banks looking to mitigate risk and maintain revenue have several ways to take action:
- Support government relief efforts and educate business clients about disaster loans, small business grants, etc.
- Be proactive with loan modifications. A data-driven approach allows you to extend tailored and relevant solutions to clients in times of need.
- Focus on cross-selling to existing business clients with products and services to encourage cash flow and maintain their operations.
And, while we still don’t have a vaccine or effective treatment for COVID-19, one of the best things you can do to protect revenue is be prepared for another outbreak. That means going digital.
Transition to digital channels
Banking was already trending toward digital, and the COVID-19 pandemic only sped up the transition. Some bank customers will return to your branch, but many may feel more comfortable with mobile and online banking. Omnichannel banking capabilities will allow your bank to accommodate a broad range of preferences.
The transition to digital applies to marketing as well. Traditional ways of reaching out to your customers are evolving. Interact with your customers on social media and consistently strive to connect with prospects and clients in new ways. Social media ages up with its user base. Remember, Facebook was originally used by college students. Now, Gen X and Baby Boomers are the primary users of Facebook, while Millennials and Gen Z have moved on to Instagram and YouTube. Find out where your customers are, then share resources like blogs, financial health-check tools, webinars, etc. tailored for a wide variety of channels.
Finally, COVID-19 is turning consumers away from cash and toward digital payments. This is an outcome of the pandemic that can benefit your bank. Leverage the shift to digital payments to encourage debit and credit accounts and, on the business side, grow your merchant services portfolio.
Cater to the post COVID-19 customer
Now is a great time for your bank to create new strategies and focus on providing a streamlined, world-class customer experience. Post COVID-19, many customers will be more cognizant of confined and crowded spaces, so think about how you can accommodate changing preferences in new and unique ways. Here are some ideas for how your bank could cater to the post COVID-19 customer:
- Increase use of universal bankers. Shifting branches to a true universal banker structure allows flexibility during uncertain times. To properly execute this transition, branch staff will need ongoing oversight and training.
- Use branches as advice centers. More and more, bank customers are using digital and mobile banking to meet their everyday needs. So, when will those same customers come into a branch? When they need guidance. And as your clients are charting the path forward post COVID-19, they’ll rely on your staff for insight.
- Implement virtual SME relationship managers. Small and medium-sized enterprises will be searching for new opportunities and fiscal support post COVID-19. Many will be trying to get back to regular business, and some will open new ventures to fill the void left by businesses forced to close. To best serve this demographic, consider offering virtual consultations for clients that don’t feel comfortable visiting a branch.
Final thoughts
The future is still uncertain, and we don’t yet know WHEN we can truly say we’re living in a post COVID-19 economy. Taking this time to prepare will put your bank ahead of the competition, and your merchant services partner should be there to help. If you’re a current BASYS partner, please reach out to us to start planning. If you’re not a current BASYS partner, we’d love to be a resource for your bank. Please visit and bookmark our COVID-19 Bank Resources page or reach out to us for strategies and tools to prepare for the future.
BASYS Processing as a business partner
If your processor isn’t delivering top-notch customer service and strategies to help grow your program, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a true business partnership that will help you meet and exceed your goals.
BASYS Processing features:
– 90% + Customer Retention Rate
– Live operator when your merchant customers need support – no automated voice systems
– Dedicated relationship manager for questions and concerns
– Proactive contact with every merchant to walk through the annual PCI process
– In-house PCI Team to assist with questions and concerns
– Founded by a family who previously owned a bank
– Track record of successful bank partnerships
– Thorough Market Analysis followed by mutual plans and goals to grow your portfolio
– High-quality service mentality, similar to your bank
– Vested interest in protecting your bank’s hard-earned reputation
– In-depth initial bank training
– On-going bank training via weekly call and boot-camp programs
– Open line of communication between BASYS, you, and your customers
– Quick response time for your questions and concerns; you are a priority
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.
Learn more at basyspro.com, and connect with us online at:
www.linkedin.com/company/basys-processing-inc-