4 Ways Financial Services Companies Can Combat the Effects of COVID-19
Financial institutions around the world are working to address the effects of COVID-19 pandemic. The professionals at Sudina are in contact with many financial services business leaders every day, and today we’ll share four ways finance companies can combat the effects of COVID-19:
Support Your Clients
The role of financial services companies is more important than ever to clients. Clients need assistance from financial services companies as sales are interrupted and their employees are laid off. Your clients need to know how their providers deal with issues related to COVID-19: investment portfolio performance, online payment facilities, health insurance, and travel insurance. Effective digital delivery of services is essential for companies, while organizations deal with staff shortages, office closures, and other measures to protect public health.
Value Your Employees
How you treat your employees now has a huge impact on their well-being, and ultimately on their loyalty and productivity. Be vocal and support any changes that need to be made to work arrangements and performance targets to fulfill their responsibilities to their families and communities. Champion good citizenship and support home-work where possible by leading with trust.
Open Communication and Trust
As part of the business and economic impact of COVID-19, financial services companies will need to ensure that they communicate effectively with multiple stakeholders: employees, clients, shareholders, and regulators. Especially with rumors and confusion circling, financial services companies need to ensure that they are clear about the steps they are taking to manage the impact of COVID-19. To achieve this, it’s important to evaluate your digital communication capabilities regularly and how to leverage those capabilities to communicate with clients and the wider marketplace.
Future Planning and Strategy
Financial services companies must prepare for the future to fully understand the significant challenges facing the economy posed by COVID-19 and how this will impact the financial system. It’s important to use scenario modeling and contingency planning for your clients and their customers to make good decisions in the face of a highly volatile operating environment.
During a crisis, we must share our insights and experience as much as possible, helping each other to contain and mitigate the impact of COVID-19 on the financial system and the wider economy.
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