Customer experience

Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.

Butte Community Federal Credit Union, which previously served just one county, added five more after getting regulatory approval.

Credit union executives have led teams through past crises, but the pandemic has created new economic stresses and mental strain that CEOs must address.

Digital banking has ramped up during the coronavirus lockdown but customers will seek somewhere to go as cities reopen. A branch could provide that safe haven.

Tyrie has advanced Bank of America’s virtual assistant Erica and rolled out easier-to-use digital products that resonate strongly with customers. Those achievements have earned him recognition as one of American Banker’s digital bankers of the year.

Credit unions need a clear strategy if they hope to break through to consumers already overwhelmed by the coronavirus.

The industry is well positioned to gain market share, but institutions may not see the same levels of growth as after the last recession.

Regional and midsize banks, which continue to trail the biggest banks in digital engagement, could attract younger consumers by reaching out with more advice about financial basics, according to J.D. Power.

Credit unions can build trust within their communities by providing clear and consistent communication as the pandemic causes economic anxiety.

The coronavirus is changing how consumers interact in branches and banking online. Bank leaders should be prepared.