Infiniti’s Industry Experts Explain How Banking Companies Can Respond to the Coronavirus Crisis

Infiniti Research, a leading market intelligence solutions provider, has recently announced the completion of its latest article on the strategies for banking companies to respond to the coronavirus crisis.

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Banking Industry (Graphic: Business Wire)

“The coronavirus outbreak is causing widespread concern and economic hardship for businesses worldwide and the banking industry is hardly an exception,” says a market research analyst at Infiniti Research.

The unpredictable nature of the coronavirus outbreak is making it difficult for companies in the banking industry to efficiently plan their next moves. While some banking companies have already adopted measures such as establishing a central task force, suspending large-scale gatherings, and making arrangements for teleworking, others are still struggling hard to ensure business continuity. So, its imperative for banking companies to undertake practical steps for responding to the coronavirus crisis and building resilience for the future.

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Banking Industry: Practical Steps for Responding to the Coronavirus Crisis

Normalize workforce measures

With the coronavirus outbreak, business leaders are facing a shortage of employees to run operations smoothly. To tackle this challenge, some banks have adopted measures such as emphasizing workplace hygiene and offering alternative ways of working. However, these strategies can no longer help banking companies to ensure business continuity. As such, banks will need to take backup plans that include the potential to move immediately to a work-from-home model. Besides, they will need to ensure that both employee relations and internal technical support are sufficiently staffed and trained to accommodate elevated levels of business.

Provide essential banking services to retail customers

As banks are one among the essential services, banking companies must ensure to continue branch and ATM operations, without compromising the safety of employees. Besides, banking companies must focus on promoting digital banking services. This can be done by increasing the limit of online activities and providing tutorials online.

Support households and businesses with credit

As revenues take a huge dip during this period, banking companies must support the liquidity needs of small and medium-sized businesses through credits. To do so, banks will need to engage with clients to understand their issues and segment customers based on their needs. In addition, banking companies should focus on business continuity planning, rethink balance sheet challenges while managing loan, find ways to trim costs, and replot the post covid-19 strategy.

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About Infiniti Research

Established in 2003, Infiniti Research, is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us

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