Before the COVID-19 crisis, the financial institutions were experiencing large growth, despite increasing competition and consumer demands. Yet, in only a matter of weeks, financial services experienced a level of disruption that will change everything that had been the norm in banking. Banks face a major change in the way they conduct business, the way their employees do work, and the way consumers manage their finances.Banks need to use this time of disruption to reinvent themselves to better understand the way consumers and businesses expect their financial services to support their needs. Currently, there is an opportunity to reevaluate how technology, insight, and analytics can accelerate future growth.
Marketing
Marketing’s use of new technologies powered by artificial intelligence, personalization, and real-time communication has changed the profession from an art to a science. In this time of disruption, how can marketing be implemented to help customers manage their finances and provide support during these difficult times? According to Rohit Mahna, SVP of Financial Services at Salesforce, financial institutions need to reach out and touch consumers and businesses in a way that shows they genuinely care. Just don’t send generic emails, send solutions that are going to have an impact on people’s needs today.For example, USAA sent this message to its customers:“Dear Fellow Member‚The coronavirus (COVID‐19) pandemic is changing how we live‚ work and serve you. In the last week, we have relocated most of our 35‚000 employees to work from home and are providing ongoing assistance to help them take care of themselves and their families. Our teammates remain committed to providing great service to you – even when they do it from their home office or kitchen table! A few employees offered this heartfelt message to you.”This message was followed with ways to get in contact with reps, information on banking and delayed credit card payments, and late fees. Banks can’t be selling, which is tough for an industry that has always been focused on the product. “This is the one time when you have to take a step back and say, ‘this is not about the product, this is about the household or this is about the small business,” Mahna stated in the podcast.
