The recent Believe in Banking article on Trust vs. Time explored what’s important to people in this current COVID-moment. As many financial institutions move toward some form or phase of “reopening,” big banking’s focus on time-saving convenience is not what’s of primary importance to consumers right now. How Banking is Building Trust Through Their COVID-19 Response spotlights Accenture’s Purpose-Driven Banking Report which finds that “trust-based opportunities in the short-term can lead to deeper relationships built on a foundation that will future-proof banking’s long-term prospects.”
To help financial institutions ensure they’re focused on what matters most in this moment, we’ve rounded up the top-five principles for building trust now and into the future. This is an opportunity for banks and credit unions to demonstrate trust in every action and interaction. As essential service providers, building and nurturing a trusting relationship should be at the heart of everything they do. Understanding what is important to customers and communities and putting principles into practice will help develop even deeper relationships now and into the future.
To enhance trust, financial institutions must:
Whether it’s instituting mask-wearing or social distancing inside the branch, having health and safety standards that are well-communicated and supported by knowledgeable, compassionate staff members inside the branch is central to any reopening strategy. Consumers need to know that their essential service providers are committed to their well-being – physically, psychologically, and financially – in their roadmap to reopening.
As banks deploy staff members inside branches, having them well-trained and sustaining their learnings will be central to bank operations today and tomorrow. But beyond the branch, all staff members regardless of setting should be trained on ways the bank is responding. Whether it’s beefing up digital channels for transactions or new uses for drive-ups, staff must be encouraged and educated through continual development.
Unfortunately, moments like this bring out opportunities for fraud. New reporting shows that cyberattacks are mushrooming. So, while banks are focused on their reopening strategy, their digital channels may be vulnerable to attack. Since the beginning of the pandemic, the FBI reports that the financial services sector has been the most threatened by cyberattacks of any industry. Cybersecurity not only protects consumers and the bank, but it is also a brand protective imperative.
Responding to a crisis like this isn’t easy, but seeing banks respond in this moment provides people with examples of why they’re called essential service providers. Whether it’s stepping up to administer PPP loans to their communities or providing help to people impacted by the pandemic, financial institutions are showing their mettle in this moment, demonstrating their brand values and validating the trust people put in their financial institutions.
Understanding how people are feeling will help banks and credit unions meet the moment and move forward into the post COVID landscape. Beyond customers, community institutions are showing that they value people over profits. There is still so much trepidation surrounding the novel Coronavirus from all sides that creating a lens with humanity at its heart will help people and institutions navigate our COVID moment together.
For more information on bank branch reopening in the post-COVID landscape, download our Roadmap to Reopening. If you are a financial institution needing advice and expertise now, you can contact Adrenaline’s financial services experts at firstname.lastname@example.org or call (678) 412-6903. If you’d like to speak with one of our financial industry 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.