COVID-19 Recovery Four Areas of Focus for Financial Institutions
Financial institutions worldwide have felt immense pressure from the impact of the COVID-19 global pandemic in terms of supporting their clients amid financial uncertainty. COVID-19 and the subsequent shutdowns of many businesses have had an economic impact across the globe. As a result of the pandemic, 7.5 million small businesses in the U.S. are now in danger of closing permanently. Unemployment rates in 2020 hovered nearly three times the average of the year prior, and as of June 30th, 2020, 4.5 million homeowners faced forbearance.
Additionally, many institutions have experienced a decline in branch traffic and consumer banking transactions. In the U.S., financial institutions have seen a 30 percent decrease in branch traffic and a decline in teller transactions by 32 percent. This massive shift to remote work and digital servicing has raised concerns with C-Suite executives, as 71 percent are concerned about continuity and productivity during the pandemic.
Though the lasting impact of the pandemic is uncertain, one thing is certain: institutions must take swift action to help guide their organizations, clients and communities towards stability. Over the past year, nCino has identified four main areas of focus for banks and credit unions to not only withstand the current economic impacts but also provide guidance on the path forward to recovery. These four areas include digital engagement, risk monitoring, portfolio analytics and corrective actions.
Connecting the four areas, nCino’s single, cloud-based platform was built to improve digital engagement for both financial institution employees and customers, proactively monitor risk, provide a better understanding of the portfolio and seamlessly manage corrective actions after a deteriorating credit has been identified. The solutions nCino offers have not only helped financial institutions during the uncertainty of COVID-19, but also provided them with an agile solution that continues to support their customers, members and communities as we move forward.
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