Social distancing and the need for self-serve banking

Every American citizen, along with the rest of the world, has been impacted by COVID-19, better known as the coronavirus disease. In these uncertain times, businesses are moving to work-from-home operations, events have been postponed or canceled, and school districts across the country have closed their doors. While there are many unknowns and the long-term impact is yet to be determined, financial institutions have the opportunity to leverage technology and self-serve channels to empower their account holders and borrowers to manage their banking needs, while minimizing their trips away from home.

During times like these, we often hear about the importance of diversifying investment and loan portfolio assets in order to protect your overall business; however, diversifying your payment channels can not only give you a strategic advantage, but it can also offer your members convenient ways to make their loan payments and access their accounts in a time when travel is being limited.

Self-service trends

In today’s age of social distancing, self-servicing, online purchasing, and curbside pick-up have become a part of our new “normal.” Account holders not only are looking for a more convenient way to pay, but a safer one. With branch lobbies being closed, employees and members working from the comforts on their home, and entire cities being mandated not to leave their house, financial institutions are forced to evolve and adapt. Self-service payment channels are no longer a convenience; they have become a necessity.

 

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