Customer service

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

Often overlooked in narratives about essential workers, branch and call-center employees are responding to challenges posed by the COVID-19 crisis. They’ve processed emergency-relief loans late into the night, coached customers unfamiliar with mobile banking and made house calls to elderly account holders.

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.

With its "people helping people" mindset, the industry is uniquely positioned to serve consumers who are suffering during the pandemic. Credit unions need to capitalize on this.

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

After opening-day fiasco, SBA upgrades lender portal with Amazon assist; West Virginia’s First State Bank closed by regulators; BofA offers emergency loans to borrowers first, freezing out depositors; and more from this week’s most-read stories.

Toronto-Dominion Bank is moving almost all of its call center employees from 15 different U.S. and Canadian cities to their homes in response to the coronavirus.

Few lenders are finding creative ways to provide much-needed financial advice and emergency services online.

Ally, Discover and USAA have made technological, managerial and policy changes to help their centers' employees cope with the rush of calls from customers hurt by the pandemic.

With branches closed and fewer opportunities for credit unions to have in-person interactions with members, the pandemic has reiterated the need for digital transformation in the industry.