Digital Banking in the Age of COVID-19

Posted by David Mayer

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

The coronavirus pandemic public health requirements have disrupted daily life for all of us. Bank and Credit union managers have hardly been immune. Decision-makers have had to make tough choices about limiting their hours of operations, and some even closing down branches to comply with social distancing guidelines. And in many locales, the call to shut down an office is no longer optional.

 

While this level of compliance with public health protocols is undoubtedly the best thing for the greater good, it can also lead to some real problems of its own. For example, how can banks or credit unions continue to serve their customers or member needs if those customers\members can no longer visit a local branch?

 

The answer lies in the adoption of digital banking software technology, which helps banks and credit unions to provide a full range of services without needing to have physical branches open for business.

 

A Massive Problem

 

The reality of branch closures is enormous. According to a recent Wall Street Journal report, J.P. Morgan & Chase has closed around 20 percent of its branches, with the possibility of additional closures on the horizon. And Capital One Financial has shut down about a quarter of its subsidiaries, mostly in New York City, highlighting public safety concerns.

 

Many bank and credit union managers and employees were expressing fear and uncertainty about keeping their branches open, even before shutdowns became mandatory. Several banking managers have spoken up about how they and their team members felt unsafe with so many people milling about in their lobbies.

 

For now, restricting physical banking access seems like the only real solution, but there is no telling how long COVID-19 will be with us. As such, financial institutions must start thinking about how they can address customer needs over the long haul.

 

Digital Lending & Digital Banking Technology 

 

MeridianLink Digital lending and digital banking software technology provide several ways in which members can still have their financial needs met, from the safety of their own homes and the comfort of their own mobile devices.

 

And it is not just members who stand to benefit. MeridianLink's series of banking software and technology also helps financial institutions continue to receive deposit accounts and loan applications and even open new accounts for their members, without the need for physical branches to be open.

 

How MeridianLink Can Help

Through MeridianLink's digital banking and digital lending technology, banks and credit union can provide easy mobile access to mortgage applications, new customer agreements, and more. It all comes backed with robust cloud-based security.

 

There has never been a more significant need for banks or credit unions to step up and assist their customers or members through tough times. Learn more about some of the top options for bank software. Reach out to MeridianLink and let's have a conversation.

 

We would also like to invite you to check out our How MeridianLink Can Help webinar series designed to assist our clients and the industry at large in navigating these challenging times.

 

How MeridianLink Can Help Webinars

 

Topics: Bank Practices, digital lending, COVID19, digital banking, banks

Written by David Mayer

Software Training Specialist

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