Pub. 9 2020 Issue 3

L E A D I N G A D V O C A T E F O R T H E B A N K I N G I N D U S T R Y I N K A N S A S 14 B usinesses and their employees are working hard to control the spread of COVID - 19. And the organizations that are providing or supporting daily necessities are the busiest of the bunch. That includes companies that are part of our payment systems and the management of money. Enter community banks. Today It’s About Information Right now, community banks are working frantically to develop procedures that maintain high service levels for their customers and also help manage the spread of COVID - 19. This includes conducting meetings, developing communications and modifying daily activities that are a long way from business as usual. The primary goal is to educate customers and control the spread of the virus. Our digital communications are important resources to share information quickly. This stage of the process emphasizes distributing information and preliminary control of customer contact points. Today It’s About Controlling Contacts Social distancing is helping to control the spread of COVID - 19. It encourages everyone to remain in contact but maintain some distance during interactions. Limited contacts means fewer virus transfers. While this feels like a huge challenge, everything being done is the easy part. Sharing information with customers and adjusting delivery channel specifications is only the first chapter of this adventure. What comes next will be much more difficult. Tomorrow It’s About Closing the Distance So, what comes next? What happens when information alone isn’t enough? What happens when the monthly bills begin to pile up or the landlord calls about a late payment? Already, the household or business infection crisis has started the migration to a household or business economic crisis. When that happens, bank customers will need a caring professional to help them address their near-term financial needs. At this point, closing the distance with customers will be a priority. Human contact is a preference for many community bank customers. They fully appreciate the convenience of digital solutions and self-service banking, but they also value the ability to speak with an expert. How will you embrace the challenges your customers’ face and provide personalized assistance and solutions? Community banks cannot close the distance without engaging every employee in the process. Internal support systems and technology will need to develop new solutions to support customer contacts. Bank operations will need to develop customer-focused policies and procedures that emphasize reaching customers where they are, rather than just the bank’s physical locations. Adopt a customer’s perspective and think about transitioning from controlling the spread of COVID - 19 to getting back to business as usual. Customers with stock market investments might need assistance transferring money to a certificate of deposit. Customers with low deposit balances might need a short-term loan. Customers that lost their jobs during the crisis might need some financial counseling or help with a new budget. Whatever the need, banks must learn to approach the solution as a unified team. We’ve seen the pictures in the news following other major events. The imagery is strong. People saved from flood waters hugging their rescue worker. Families at a shelter hugging volunteers. We’re human, and social distancing is not where we go for comfort. Spend time today preparing your staff for effective ways to embrace customers and their financial IS YOUR STAFF PREPARED TO MOVE FROM SOCIAL DISTANCING TO EMBRACING CUSTOMER CHALLENGES? By Tom Hershberger, President, Cross Financial