Will the Changes Made in Response to COVID-19 Stick Around After the Crisis?

Dealing with the challenges of a global pandemic has led many financial institutions to make changes in their services and processes to address urgent customer needs. This ability to pivot, be flexible and facilitate easier customer interactions will surely be one of the silver linings to come out of COVID-19. When we emerge into the “next normal,” what changes will we want to keep?

“Ideally, technology should ease the customer’s journey, but for some FIs, that has not been the result.  For example having paper requirements around electronic channels, either internally or for customer,  wasn’t really easing the friction,” said PRI Managing Director Annette Braun. “During this crisis many FIs have redesigned online processes, raised e-channel transaction dollar limits allowing for increased usage, etc. and it’s time to consider making those changes permanent.”

Some of the changes FIs have instituted in their electronic channels include increased dollar and transaction limits on mobile deposits and higher spend limits on debit cards and taking the loan application process entirely online. Overall, there has been a concerted effort to simplify processes and help customers handle their banking without the need for face-to-face contact.

Consider the gains,” Braun said. “Have you gotten comfortable with managing the risk levels of allowing customers easier access and higher transaction dollar limits? If so, shouldn’t this become your new normal? You did it, you did it well and you lived through it. Don’t go back!”  

Profit Resources specializes in identifying profitability improvement areas for financial institutions through revenue growth, cost control, streamlining processes, and effective use of technology. Contact us to learn more about our personalized approach to propel growth and improve profitability.