Ready, set, open? What financial institutions should consider as they open up to customers again

As banks across the country begin to open lobby doors to customers once again, there are many aspects to public safety to consider.

ATM Marketplace spoke with Matt Tengwall, vice president and general manager at Verint Fraud and Security Solutions, to gain insight on what banks and financial institutions should consider as they open up to customers. Tengwall has been a business leader at Verint for two decades and is recognized in the security industry as a thought leader.

Q. With many bank branches still hesitant on opening its lobbies again to customers, what do you think they need to consider before becoming fully operational again?

A. There are many things to be considered and a checklist will likely look different for every facility. However, some key protocols must be instituted like employee health screening procedures, temperature checks, and a robust personal protection equipment supply. Every region will have its requirements, but a health safety program that integrates with your security efforts is critical. Additionally, you must have a response plan if exposure occurs that includes containment and contact tracing procedures, stay-at-home requirements, and a comprehensive communication strategy.

Q. There has been discussion and suggestions from bank leaders of having an "appointment-only" type of bank model? What are the benefits and would be the downside?

A. The primary benefit of appointment-only banking would be minimizing potential exposure for customers and staff. The fewer people in the building at a time, the lesser the chance of spreading or contracting the virus. A potential downside could be scheduling issues, with only a limited number of slots available per day some customers may have to wait longer than normal to schedule a time to address their needs. But appointment-based banking is something to consider: we could deliver a more customized and beneficial customer experience.

Q. How can consumers really feel confident again in their financial services team following the pandemic? What mistakes should the staff try to avoid?

A. An open line of communication between leadership and staff is essential — that is the only way to ensure the financial institution is operating as efficiently and safely as possible. Over communicating is better than under communicating, so don't be afraid of keeping your staff apprised of decisions being made internally. Another mistake to avoid would be failing to follow public health and safety guidelines properly. If you neglect to stay aware of compliance requirements, you could open the door to liability issues. Ensure your team has reviewed COVID-19 guidance as well as regulations related to openings and closings provided by the Equal Credit Opportunity Act and Community Reinvestment Act.

Q. What services should a bank have, and what services can they put off until COVID-19 is really behind us?

A. It's not so much about specific services as it about accessibility. Banking is an essential service, and many financial institutions are offering programs to help individual and business customers affected by the pandemic. We've seen a drive to create new and flexible solutions and services to ensure customers have access to what they need when they need it, Look toward how you can help them achieve financial success is critical.

Q. What additional steps do you think financial institutions need to take as surges continue to occur across the country?

A. Banks should remain flexible and keep a close eye on any new developments. If there is a new emergence of COVID-19, and there have been, that could mean pivoting back to online/mobile services. Therefore, it is critical to keep updated with local and industry guidelines and regulations and be ready to change when necessary.

Q. How do you think the coronavirus will change bank transformations and customer service post-pandemic?

A. It appears the pandemic is fast-tracking digital transformation. While I don't believe that in-person banking is going away anytime soon, I foresee a continued uptick in the use of mobile services and digital banking. This trend is happening since more customers are becoming educated on how to use mobile services — banks had to invest significant time into ensuring its clients had access to the mobile requirements necessary to bank remotely. Now that the audience sees the convenience and the benefits, we expect to see more trust in these services.

Q. What does the term "flexible financial framework" mean and how can that matter to banks?

A. With banks facing so many obstacles from legal and compliance issues to cyber threats and economic turmoil, banks must have flexibility in how they're operating and adapt as the global pandemic continues to evolve. To maintain business continuity, financial institutions need a comprehensive plan to address infectious diseases, emergency information related to epidemics or changes in protocols for responding to global disasters, thorough testing of emergency response plans, and the possibility of additional closings if COVID-19 infections continue to rise. It's all about being predictive, rather than reactive.

Q. What steps should a bank take in handling staff concerns about dealing with the customers?

A. Listen to them and support them. It's understandable if employees have concerns about addressing or interacting with customers at this time — we're still dealing with many unknowns. But as long as you communicate with your employees and customers how the bank will operate moving forward, minimal issues should arise.

Q. How have digital payments affected the bank landscape overall?

A. We've seen much news about digital payments in the last few years, but the reality is, many consumers have been hesitant to adopt them — preferring instead to use their physical cards or cash. But the pandemic has increased the public's focus on hygiene and I expect to see a greater shift toward digital payments to lessen interaction and the possibility of cross-contamination. But beyond the pandemic, we're seeing increasing "tap and go" capability, largely due to millennials and Gen Zers' propensity to do everything from their smartphone. For many of them, it's about convenience, and it's hard to argue against only needing to carry one device rather than sifting through physical cards in your wallet to make a payment.