TECH BUYER Apr 2020 - IDC Perspective - Doc # US46142720
Managing Retail Banking Customer and Employee Expectations During Uncertain Times of Pandemics and COVID-19
This IDC Perspective provides some quick insight on the impact that the COVID-19 pandemic is having and our suggestions on the best way to address this growing concern. Whether these items will need to be part of a larger business continuity plan or will be used once in a lifetime has yet to be determined, but we feel that the steps detailed in this document will help banks manage expectations for not only their customers but also their employees.
"For most banks, business continuity plans have been developed, tested, modified, and retested to ensure that banks can handle almost anything that is thrown at them that impedes their ability to open their doors and conduct business as usual," says Marc DeCastro, research director, Consumer Banking Engagement Strategies at IDC Financial Insights. "However, we are in very unique times that require an approach to not only address the customer's needs but that of the bank's for potentially a quite extended period of time. Banks and our financial markets will be key in the future to provide for businesses and consumers the capital and support that they will need to ensure that global economies can start up again in an orderly manner."