The world has changed in the last nine months. As leaders in the financial industry, we need community now more than ever. We surveyed FI leaders to see how they have changed to meet the challenges of the COVID-19 pandemic and to get the insight needed to help our partners make more informed decisions and do their best work.
Our survey found COVID-19 has created numerous challenges for FIs and how they interact with their customers and members. Creating distance seems to have been on everyone’s mind, and a focus on using technology to overcome pandemic restrictions was a common theme.
Changes to Business Operations, Forecasting & Budgeting
The Equips survey found the primary challenges facing business operations included the physical changes needed to keep lobbies safe and the financial difficulties of adjusting revenue forecasts and budgeting for rising costs.
Critical Equipment in the Pandemic: Drive-ups, ATMs & ITMs
Perhaps, not surprisingly, the pieces of equipment most critical in supporting customers during the pandemic have been those that allow people to do banking without face-to-face interaction. This included traditional tools like drive-up equipment and ATMs, as well as new systems like ITMs.
How Financial Institutions Are (or Not) Adapting
When it came to adjusting their business strategy, most of the FIs surveyed (60%) were looking to upgrade equipment or get new technology because of the pandemic. However, about one-third of respondents were not planning to change anything about their equipment strategy. The remainder are considering changing vendors/suppliers or outsourcing service or product delivery.
To download of more data and results from our free White Paper “How COVID-19 Has Impacted Banks and Credit Unions,” CLICK HERE>>.