August 25, 2020

Some financial institutions have been criticized in the past for their reactionary — or “fix-on-failure” — approach to serving the needs of their customers. While certain banks have taken major strides in overcoming this criticism, the perfect storm of regulation, competition, and increasing pressure to be a trusted advisor to the commercial customer still lingers for many.

Now, more than ever, financial institutions need to stay close and support their customers
Even in the best of times, customers rely on strong relationships with their bank or credit union to support them through each phase of their financial lives. From a first credit card account for a college bound senior, to a young adult starting a new job and opening a retirement account, to a new family buying a house, a financial institution that can share these experiences and customer journeys each step of the way is more likely to hold onto a customer for life through a digital relationship.

To have an effective Business Continuity Plan (BCP), recovery plans must be based on a Business Impact Analysis (BIA). According to the FFIEC’s Business Continuity Management booklet, BIA is “the process of identifying the potential impact of disruptive events to an entity’s functions and processes.”