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Banking and Fintech: How to Serve Your Customers in a Post-COVID-19 World

4 minutes read - June 08, 2020 - by Yondu Team
Financial institutions, including banks, have to transition to the "new normal." Here's how you can prepare for post-pandemic banking.

As the COVID-19 crisis turns the world on its head, businesses are now taking crucial steps to shape their future. Consumer and small-business banks, for instance, are strategizing ways to cope with the so-called “new normal.”

If you haven’t developed a post-pandemic banking strategy yet, here are some ideas for you. Read on and discover how you can serve your customers in a post-COVID-19 world.

7 Ways to Serve Your Customers in a Post-COVID-19 World


1. Offer grace periods or payment holidays

Retrenchment and lay-offs have become inevitable as businesses struggle to make a profit. Bank customers, as a result, tackle financial stress.

Banks can extend a helping hand to their customers by waiving interest charges and suspending fees for late payments. Some Philippine banks halted costs for online money transfers temporarily in response to the outbreak.

Others, meantime, offered grace periods and extensions for credit card and loan payments. Such measures will be valuable for your customers, especially now that many people are struggling to make ends meet.

2. Set up helplines and financial tools


People often seek answers and reassurance amid uncertainties. As situations continue to evolve, you should keep your lines open and financial fitness tools handy.

Make these tools available on your website and boost your customer engagement with the help of chatbots. Start reaching out to your clients and discuss how they can utilize your financial fitness tools.

Ask how else you can assist them and let them share their thoughts about post-pandemic banking. Start with your most vulnerable clients and set helplines for digital transactions.

3. Encourage digital migration

As the pandemic limited face-to-face interactions, fintech in banking became even more crucial. Customers must be aware of your existing remote channels and you should encourage them to use such.

Let your customers know what kind of services they can access on your digital platforms. Offer to walk them through if they’re having difficulties, and boost your remote support.

Also, consider how you can enhance your existing digital platforms by identifying crucial functionalities. For example, you can improve your channel to allow increased transaction limits or simplify password updates.

4. Ensure seamless digital customer experience


More and more people are expected to use remote channels in post-pandemic banking. So, it’s essential to ensure a seamless digital experience for your customers.

Leveraging cloud business solutions will let you savor just this. Cloud-based backup, recovery, and security solutions can give you greater flexibility and peace of mind.

A reliable cloud service provider like Yondu can help you secure and scale your business assets in a cloud environment. As a result, your end-users can savor an enhanced digital experience.

Companies lacking the skills and budget will also find Managed IT Services useful. If you believe your team cannot support critical cases or handle massive volumes of technical concerns, this service is right for you.

Apart from cloud computing services, Yondu also offers Managed Services to help organizations like yours maintain systems, servers, and networks. IT experts are deployed to provide support or perform crucial tasks your internal staff cannot handle.

5. Provide solutions for vulnerable groups

While banks are encouraged to accelerate their digital shift, certain groups may not be active online. Take, for example, the elderly.

With a little creativity, though, you can come up with short-term solutions to address special needs. Paper communications and remote access, for instance, make practical options.

In other countries, some banks advanced the payment of pensions, which helped reduce branch and ATM withdrawals. Other banks set up a dedicated phone line, provided free tablets, and conducted digital skills training for older people.

6. Keep clients engaged


Even when the crisis is over, it will take time before people get well-adjusted to the new normal. Proactive communication helps to keep customers abreast of your operations, preventing unpleasant surprises.

Text messaging proves to be an effective way to communicate with customers as messages can be delivered in real-time. You can update your customers about your available digital solutions, and provide tips for fraud prevention.

Third-party SMS service providers like Mobile360 help businesses engage with their audience effectively through a wide array of SMS solutions. Such efforts promote enhanced customer engagement and experience.

7. Go the extra mile

Regardless of industry, companies that go above and beyond establish a competitive advantage. At a time when customers are uncertain about the future, companies that exceed expectations will help allay fears.

Think of how you can cater to your customers’ needs during the pandemic. Offer solutions that make processes more convenient for them, and engage with them proactively.

As enterprises adopt new ways and technologies to adjust to the new normal, banks are encouraged to do the same. You need to serve your customers with their best interests in mind and leverage financial technology to power through post-pandemic banking.

Do you want to go above and beyond for your customers? Talk to our team today to know how our technology solutions can help you serve your customers better.