COVID-19: Impact on Financial Institutions

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The last 2 weeks have been quite challenging to understand and adapt to. Those of us not directly affected by the virus are dealing with government closures, travel bans, school closures and in-place quarantines to constrain the spread of the virus. These closures have created unique challenges for banks and credit unions.
 
The loans Community Banks and credit unions provide are the back bone for many small businesses. As these small businesses start dealing with the economic fallout created by the COVID-19 crisis, banks are adapting by having staff work from home and restricting customer access to drive-through lanes only.
 
In the short and medium term, as things begin to settle down, many employees will continue working from remote locations. To adapt institutions must:
 
  • Minimize the impact on staff.
  • Minimize impact on the service delivery.
  • Minimize impact on the IT infrastructure.
  • Protect corporate reputation.
  • Reduce financial impact.
  • Enable the organization to return to a new normal sooner.
  • Minimize impact caused by absenteeism.
 
FINBOA gives your staff the flexibility to work remotely without additional configuration, and gives staff a way to work with customers digitally. Your customers get a rich experience from the comfort of their homes. And we do it all on a PCI Certified environment that keeps your data secure and safe.
 
If you would like to digitize processes that previously required customers to come to a branch, we can help. Please let us know if we can assist your bank during this transition. 

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