4-minute read 

COVID-19 has changed the way consumers and businesses approach their financial lives. Savvy banks and credit unions recognize that they need to step up to the plate during this time of crisis, providing relevant digital tools and services to ease the financial burden and uncertainties their customers face. Now that we’re past the initial shock, bankers have a rare opportunity to build bonds that last. It’s time for financial institutions to experiment with small wins, solving for customer pain points and jobs to be done while boosting digital engagement. 

Consumers and businesses will need products like loans for the foreseeable future, but there are other, lower risk ways banks and credit unions can support their customers and provide an immediate lift. Adding tools like receipt and expense management into the digital channel delivers instant value for a wide range of customer segments and allows institutions to better personalize the experience, ultimately making themselves more future proof. 

Take small businesses, for example. Most are in crisis mode, as the majority simply don’t have the cash flow necessary to hunker down for several months and weather the storm. Digital receipt management within a business’ existing digital banking app is a small but powerful way to help them save time and reduce stress by visualizing ways they can manage their spend. This enables businesses to adjust their habits in order to survive in the new normal. 

Such strategies are beneficial for consumers as well. As a significant portion of the workforce has transitioned to remote conditions, many have set up a home office for the first time. Being able to digitally capture and manage receipts allows workers to more easily submit reimbursement requests, expediting their access to funds, and more efficiently organizes potential deductions for tax season. Beyond this scenario, digital receipt management represents a simpler way for household managers to oversee budgets, submit insurance claims, and complete taxes. In a time where every dollar counts, the importance of these small wins can’t be overstated. 

On the flip side, this data allows banks and credit unions to better know and understand their customer preferences and needs, to subsequently provide more relevant, timely and meaningful support. Big tech has never been better at showing customer empathy through the power of data; financial institutions are now finding themselves in catch up mode when it comes to proactively meeting customer expectations.

Banks and credit unions that pursue immediate victories during this time will reap tremendous long-term benefit. Small businesses and consumers alike are focused on self-preservation, and it’s time for financial institutions to start taking a page out of the big tech playbook: focus on their jobs to be done and ease their stress. For more on how banks and credit unions can and should be helping their customers during COVID-19, take a listen to my chat with Lou Carlozo on the Bankadelic podcast.