Hear from Wade Barnes, Financial Services Practice Lead on how bankers can adapt and excel during and after COVID-19.
Hi, I’m Wade Barnes, Financial Services Practice Lead with Hartman Advisors.
COVID-19 hit us fast, and no doubt this pandemic has changed the way we live and do business.
But these changes will outlive the pandemic, so we must be prepared to sustain these practices for the long-term. But margin compression and the threat of looming NPAs, requires bankers to also focus on efficiency efforts and data optimization.
To become more efficient, we need to eliminate paper and manual-based processes and introduce automated solutions. We have to become smarter about using data to detect risks of fraudulent activities, to help predict future credit losses, but as important, we must transform the way we interact with customers.
We need to use data to proactively and individually check in with customers to ensure they have the right tools to successfully manage their finances in this new environment. We must also leverage data to spark meaningful, and relevant conversations with customers replacing conversations that once happened in our branch lobbies or customers storefront.
While many of these topics are not new, they have a new heightened sense of urgency given recent events.
Our team is helping many organizations work through these challenges. We welcome the opportunity to better understand your priorities and challenges as well. Bankers play such an important part in helping to drive the economic recovery.
Thank you sincerely for all you do. Stay healthy and be well!