As essential service providers, banks represent a key pillar of modern society. Contributing to financial stability, banking is a regular and routine part of our daily lives. Financial transactions are so ingrained that we often take for granted all the ways that we interact with our banks and credit unions. Yet in the wake of COVID-19, banks are having to shift the way they serve customers.
Financial institutions are cutting hours and moving the lion’s share of their business to drive-up windows and ATMs in response to community spread. As with many service-based businesses, social distancing is a challenge for an industry that thrives on handshake relationships. But many banks are finding unique ways to support their communities through the crisis.
Here is our roundup of the top-four ways banks can help.
1) Embrace Our Shared Humanity
Banks know their customers. Whether it’s new homes or new jobs, bankers develop relationships that go beyond transactions. Banks are there for their customers in pivotal life moments. During Coronavirus, knowing we’re all in this together is really helping people get through. This is a time where banks can really lean into their human brand values.
2) Provide Support for People
The financial hardship from Coronavirus is cascading across communities. While the full impact is yet to be felt, banks are already stepping up for their customers. Whether it’s waiving minimum balance requirements or developing payment plans, banks have provided a host of proactive support and solutions for their customers facing financial hardship.
3) Make the Best of New Ways of Interacting
While we may be physically apart – with drive-ups and ATMs – these channels still provide opportunities for connection. Once seen solely as a place for transactions, the drive-up can be a place for human experience to nurture your customer relationship even while you can’t be face-to-face. Finding creative ways to stay connected during social isolation will help us all.
As active members of their community, banks can be drivers of community building during this time. Through providing financial support to local communities, many banks are contributing to food, education and medical initiatives benefitting their local communities. Paying attention to conditions in your local community is key to being responsive during this critical time.
If you’d like to speak with one of our financial, brand or culture experts, contact us at email@example.com.
Adrenaline is an experience design agency that creates and implements end-to-end branded experiences through creative and environmental design. We enhance our clients’ customer experiences across digital and physical channels, from their branding and advertising to design and technology in their spaces. After transforming an organization’s brand, Adrenaline extends it across all touchpoints — from employees to the market to in-store environments. And, we focus on serving industries that sell human experiences including financial, healthcare, sports and entertainment.