Connecting with Customers during COVID-19
As some state economies continue to manage a phased approach to re-opening, community banks and credit unions are now re-opening their retail branches to their customers. Many financial institutions operating in the current environment have been forced to re-evaluate how to deliver a consistent and comprehensive customer experience inside and outside the branch network. This includes online, digital, and social media strategies across every line of business.
Pre-COVID-19, banking transactions initiated and completed in retail branches continued to decline. And the pandemic has obviously exacerbated that decline. One significant advantage that community banks and credit unions deliver when compared to their larger competitors is their focus on personal customer service, which is primarily delivered via the retail branch network. That advantage is now under attack. However, due to the current crisis and stock market volatility, consumer deposits have risen to an all-time high. Ironically, this may give community financial institutions an opportunity to deepen customer relationships by providing an exceptional customer experience.
The coronavirus is clearly not going to be eradicated any time soon. It will be incumbent on community financial institutions to evaluate and to continue to enhance their CX strategy. If successful, they will continue to lead the way in supporting and growing their consumer and small businesses relationships while helping the economy recover.