The stresses brought about by the COVID-19 pandemic have changed the face of banking for FIs. Right now, FIs are working to digitize more services in response to account holders demands while reassuring reluctant account holders that the digital channel is a safe and secure place to bank. While traditional in-person banking isn’t likely to disappear, digital banking is front-and-center during this remarkable time. FIs who find themselves scrambling to respond to the increased demand for digital banking services have many tools at the ready that can benefit their customers and members. Consider these solutions that can enhance your FI’s offerings and provide seamless and secure services for account holders in “the new normal.”
E-Alerts
For customers and members responding to financial hardships caused by the COVID-19, the ability to access and track account balances is more important than ever; account holders need to know when deposits will hit their accounts and when money is slated to leave. For others, learning that a transaction has just occurred – like an online purchase using a debit or credit card – is even more crucial to help detect and prevent fraud. E-alerts can be helpful in these instances. Consider providing tutorials or FAQs on setting up e-alerts to promote the adoption of this useful feature.
External Account Transfers
Most account holders are aware of the ease and convenience of transferring funds between accounts within their FI. They may not know how easily funds can be transferred between FIs through a digital banking platform. Many account holders have accounts at multiple FIs, and their need to transfer money may increase as they depend more on digital banking. Show them how to initiate an external transfer, let them know when they should expect the transaction to occur, and tell them about any fees they may incur.
Scheduled Transfers
Make sure your customers and members know about options to schedule recurring account transfers. The ability to make sure funds are transferred before a transaction goes through or schedule regular transfers can make a difference for account holders juggling existing obligations and new challenges in these trying times.
Additional Account Opening
Not all FIs have digital account opening solutions for new account holders. However, most offer the ability for existing customers to open more deposit accounts within their platform, allowing them to continue maintaining social distancing practices while meeting their banking needs. Whether account holders need to start a separate emergency savings account, open an IRA or CD, or even open their first checking account, providing options for digital account opening (and communicating them to account holders) is essential now.
Applying for a Loan
To minimize the time and stress associated with borrowing, FIs offering lending on their platform should make sure account holders understand the application process. Not only can this ease the burden on account holders, FIs can benefit as well. For example, an FI can quickly and seamlessly process applicants without burdening stressed staff and at the same time, effortlessly process more applications.
Additional resources
Digital banking is more important than ever. Q2 customers can access free, customizable End User Marketing (EUM) campaigns designed to help provide critical information to account holders to help them take advantage of the many services already available to them. Visit the Q2 Customer Portal to access these helpful resources.
