As the impact of COVID-19 has accelerated, banks and credit unions have been encouraging people to use alternative options outside of going into their local branch. Since mid-March, most financial institutions have been consistently providing information and educating customers through remote channels. Many have also increased their remote support options to help with day-to-day banking transactions and offering fee waivers and, in some cases, deferred payments for credit cards, mortgages and auto loans.
In addition to this accelerated digital adaptation, financial institutions have quickly adapted to a new reality of many employees working from home, which will inevitability lead to branch network consolidation.
To this point, the primary focus of banks and credit unions has been on ensuring that immediate client needs have been addressed. As these fundamental needs are met, institutions will need to help customers understand these new trends in banking.