How banks are supporting customers during the pandemic
Featuring Commercial Banking’s Business Development Vice President, Cody Law, based in Oklahoma City, OK
At Wells Fargo, we continue to serve as a trusted advisor for our customers, working with our dedicated industry experts to help our customers manage through the pandemic. As the coronavirus pandemic continues to take center stage, we have focused on ways in which we can best serve customers in this challenging environment and also identify areas of opportunity that consumers should be looking for from their banks.
The coronavirus has had an extreme impact on the global economy and capital markets. There are many unknowns that will influence the extent, timing and duration of a global economic recovery. Wells Fargo is working diligently to keep our customers and prospects informed with respect to the disruption we have seen in the global capital markets and the numerous variables that may influence the economic trajectory. One of the biggest impacts of the coronavirus pandemic has been the change in how customers prefer to work with their bankers. For example, instead of in person meetings, customers are managing their finances through apps or online banking solutions. Banks can help customers with this transition by:
- Educating and training customers on how to access corporate accounts and perform tasks from any mobile device and location in a safe and responsible manner.
- Offer virtual meeting options to help to minimize in person interaction.
- Providing credible, timely advice
- Accelerating digital bank product and service offerings
- Listening – as a relationship business, banks are often sounding boards as well as advisors in times of stress and uncertainty.
- Communicating with compassion – uncertainty often leads to anxiety, and in a time of global crisis, there is no lack of anxiety among businesses across industries and geographies.
- Seeking to understand a customer’s point of view before offering solutions – one size does not fit all in a crisis.
As we continue to face ongoing market challenges, we learn more about our customers, their capabilities, our economy, and ways to simplify how we support them. As a consumer, be sure to ask your bank what services they offer to help customers through the pandemic such as virtual meetings and digital product offerings. We take pride in helping our customers navigate this crisis and look forward to continuing to serve them following the pandemic.