As the governments around the world attempt to defend against COVID-19, companies in the US banking industry are experiencing an unprecedented period of growth and prosperity. Small and medium-sized consumer banks are most at risk owing to the disruption caused by the COVID-19 pandemic. Also, social distancing has changed the way people interact with physical space and has subsequently created an unprecedented crisis for the US banking industry. The longer the crisis exists, the more likely we are to see transformative and lasting changes in the US banking industry. As such, its’s high time for banking companies to take actions to respond to the coronavirus pandemic and prepare for the post-COVID-19 environment.
This case study provides detailed insights into how our custom market intelligence solutions helped a US-based banking company to respond to the threat of COVID-19, centralize cash management, implement a flexible operating model, and serve customers in challenging times.
Our market intelligence experts can help you to develop a customer-central multichannel operational model to keep pace with the changing financial needs of customers amidst the COVID-19 crisis. RFP here.
The client is a banking company based out of North America.
Since the coronavirus outbreak, the global banking sector has been hard hit across the value chain. As a consequence, a US-based bank encountered significant operational constraints as well as business risks. Also, the client was struggling to mitigate health risks for their employees and consumers. Besides, their traditional operating models were no longer helping them in ensuring business continuity.
The client, therefore, wanted to implement a dynamic and flexible operating model, take initiatives to protect employee health, establish an interim operational model for branches, and develop a support model for remote employees. They sought to collaborate with Infiniti Research to leverage their expertise in offering custom market intelligence solution.
Other key objectives of the client included:
- To invest in boosting digital engagement and sales
- To differentiate themselves in delivering value to consumers
- To rethink the portfolio strategy for supporting the most hard-hit industries and segments
- To build contingency plans for supporting customers in the post-COVID-19 environment
- To enhance current digital offerings
- To address technology gaps for offering a seamless digital customer experience
- To offer payment holidays to customers for coronavirus related relief
- To enable technology setup and infrastructure for employees working from home
- To rebuild demand forecasting and capacity models for developing resiliency in the face of future demand shocks
As COVID-19 cases continue to increase in the United States, the nation has the potential to become the next epicenter of coronavirus outbreak. To succeed in the long-term, we can help you centralize cash management and enable seamless customer experience amidst the COVID-19 crisis. Get in touch with us.
Our Integrated Approach
To help the US banking industry client achieve their key objectives, the experts at Infiniti Research adopted a three-phased approach:
The initial phase of the custom market intelligence engagement involved working closely with the US banking industry client’s financial, technical, and marketing team to analyze the extend of the impact caused by the rapidly spreading COVID-19 pandemic and assess customer needs. This phase of the engagement also involved implementing a dynamic and flexible operating model to help the US banking industry client to ensure business continuity. Also, by monitoring the situation on a day-to-day basis for over four weeks, the experts helped the client to establish an interim operational model for its branches. Besides, by analyzing their key competitors, the experts recommended the client to enable technology setup and infrastructure for remote work.
The next phase of the custom market intelligence engagement involved conducting customer intelligence analysis and understanding the needs and requirements of customers in this challenging time. By conducting a thorough customer analysis, the experts recommended the US banking industry client to allow mortgage customers and small businesses to delay payments by 80 to 100 days. The experts also helped the client to embed financial fitness tools to create opportunities for human interaction. Besides, the experts helped the client to devise a customer-centric multichannel operational model and encourage digital migration.
In the last phase of the custom market intelligence engagement, the experts helped the US banking industry client to experiment with radical redesigns of their operating models and rethink the portfolio strategy for small businesses.
By leveraging Infiniti’s custom market intelligence solution, the US banking industry client was able to implement a dynamic and flexible operating model, establish an interim operational model for different branches, and develop a support model for employees working at home. By reinforcing hygiene and cleaning protocols inside branches, the US banking industry client was able to protect employees and customers’ health. Besides, by closely analyzing China’s response to COVID-19, the experts recommended the client to dynamically modify branch hours of operation and closures while maintaining critical services for customers.
The experts also helped the US banking industry client in identifying third-party service providers to support them in enabling technology setup and infrastructure for remote work. This subsequently helped the client’s employees to handle calls from home while maintaining customer-data confidentiality standards. Besides, to serve customers at this challenging time, the experts recommended the client to promote personal engagement and program chatbots. Also, the experts helped the US banking industry client to launch a digital platform to help local community managers monitor the impact of the COVID-19 pandemic in their specific geographies.
By devising a sound marketing strategy, the experts further helped the client to enhance their current digital offerings and encourage more customers to use digital channels for banking needs. The experts also helped the client to speed up procedures to increase limits on online transactions and simplify password resets. By analyzing the client’s infrastructure capacity and network bandwidth and identifying weaknesses in architecture, the experts helped the US banking industry client to stabilize critical infrastructure and address technology gaps to offer a seamless digital customer experience. In addition to this, the client was able to rethink the portfolio strategy for small business and encourage relationship-based banking.
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