COVID Crisis Response: The 6 Things Bankers Need To Internalize | Tech Mahindra

COVID Crisis Response: The 6 Things Bankers Need To Internalize

With a global pandemic rewriting the way we are used to doing business, banks are faced with problems of their own. Between closed branches, operating remotely, lower workforce, and having to quickly respond to multiple requests coming their way, it is a unique situation that they have been plunged into, without forewarning.

However, even during this distressing time, these problems presents with it a unique opportunity for the banking sector to be the heroes of this story. With governments introducing a host of supportive schemes to ease the pressure on individuals and businesses, and the power of digital technology to help make operations a breeze, banks can firmly put their foot forward to see through this crisis.

The key to rising above the chaos and creating a lasting impression in the minds of customers, begins with defining the way in which to operate, and how decisions will be made to conduct business. Here are the top things that any bank needs to keep in mind while writing these new business rules:

Practice empathy

These are hard hit times for customers, governments, as well as businesses. A shred of empathy practiced during these difficult times can go a long way in creating a lasting impact for customers to do continued business with the bank. Be it less paperwork, meaningful notifications, 24*7 support from remote employees, easy online financial advisory, easier repayment options, all go a long way in showing that the customer is kept at the center of the business model

Personalize, personalize, personalize

While we have moved from the react phase of the pandemic to a “respond” phase, how we do it and the choices we make defines the future of the bank. Most banks are already sitting on piles of customer data and their financial portfolios so far, so it shouldn’t be a stretch to make customer segments, see which accounts are best positioned to ride out the current situation, which ones need more active management and outreach and tailor specific programs and suggestions suited to individual needs

Don’t hide the losses

Let’s face it, despite all counter measures taken to avert a financial disaster, some losses are definitely to be expected, if not avoided. Banks, investors, shareholders, and tax payers have to bear them and it is always better to be prepared to do so. Transparency goes a long way to prepare the public to this reality, as opposed to any surprises later on

Strengthen communication

With enterprises and individuals now realizing the benefits of working remotely, geographic distribution is no longer a challenge and is expected to be the new normal. Encouraging positive, transparent and continuous dialogue between employees, shareholders, clients and all other stakeholders fosters confidence in the bank and helps keep qualms at bay. Keep websites and apps updated with COVID response messaging, send out regular, personalized email content with information on how policies are being rewritten and set up online support centers for many of the customers who are now seeking financial advisory.

Let technology do what technology does best

Custom built, quick to go-live, intelligent digital solutions are available to cut processing times in half and free up precious employee time for either personalized customer contact or decision making. We’ve witnessed the use of ML-based predictive analytics/descisoning to increase systematic lead generation and automatic approvals to increase revenue. Investing in artificial intelligence based case management and intelligent process automation solutions helps make smarter calls and brings in ease to doing business not just during this pandemic, but well-after return to work.

Get ahead and draft a return to business strategy

Needless to say, the world as we know it has been changed forever. It is in our hands to make the right choices to ensure business growth and continuity.

How Tech Mahindra and Pegasystems can help:

We can help with changing your definition of Rapid Turn-around. We know that policy changes across product offerings are subjected to change and there is increased focus on software agility. While banks have always been subject to federal regulations, never before have they witnessed the need to deliver & establish compliance.

With our Crisis Response Solutions, whether you’re looking at workforce and workplace operational safety for your banking facilities, customer self service capabilities, intuitive and guided user interfaces, intelligent automation of workflows, configurable business rules engine, or the ability to easily integrate to existing banking application systems, we’ve got you covered.

Write to us at to know more about our solutions.

About the Author
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Niloy Kumar Gogoi
PEGA Practice Leader and PEGA Robotics Head, Tech Mahindra

Niloy has been involved in the digital transformation space for more than 20 years. He has worked across several industries with key customer stakeholders to help them achieve their organizational objectives leveraging process management, new age technologies, automation and artificial intelligence.

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Jayashree Thandu
Principal Consultant, Tech Mahindra

Jayashree is a Principal Consultant for Banking at Tech Mahindra and is focused on Lending industry solutions. Prior to Tech Mahindra, Jayashree has worked with lending product companies in Business Development and Strategic Solutions roles, primarily for North America.