Medium-sized Banks Communicating About COVID-19

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Medium-sized Banks Communicating About COVID-19

Impact on Small and Medium-sized Bank During the COVID-19 Crisis


What are 3-5 ways that small to medium-sized banks are planning to make a comeback after the crisis is over?


What are 2-3 insights into how banks are using products and services such as mobile banking apps to engage and attract more high-end clientele during the coronavirus crisis?

  • Many banks have existing products and services in place for their customers, high-end or not, to manage their banking online. Banks are now making additional effort to educate their customers on the options available to them. This is very important with vulnerable demographics who would otherwise be going into a branch to do their banking. One very interesting trend presented here is virtual meetings with a banker to answer your questions and help with banking needs, which may be of great value to high-end clientele who will most likely have more complicated needs.
  • Many banks are planning for additional digital product and services they can bring to market and prioritizing development to address the changing needs of customers amid this crisis. Such products and services take time to develop and may not be of immediate impact, but as customers are becoming more accustomed to digital services, they will be useful regardless. There are also futurists like Brett King who believe that banking will become an embedded experience where bank and non-bank providers will be vying to eliminate friction in people’s use of financial services, and we may be seeing ideas like this becoming more prevalent.

What are 2-3 ways that banks have been affected by social distancing and self-quarantine prompted by the coronavirus crisis? (i.e. products that have experienced a sharp drop in sales, low loan volume, profit revisions or fear of absorbing losses, etc...)


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