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The COVID-19 pandemic has forced banks and credit unions to think on their feet. Specifically, many financial institutions have sought ways to continue serving customer needs, all while limiting the hours of physical branches and allowing their team members to work from home. Digital banking technology has been one of the primary ways of accomplishing this. And that is why the impact of COVID-19 pandemic on banking will be discussed in details in MeridianLink Virtual Forum this June 9-10.

During these unprecedented times, consumers are looking for leadership, service, and stability. Community banks and credit unions are in a prime position to offer all three, simultaneously. enhancing business continuity and fostering goodwill throughout the community.

A few weeks ago, Congress authorized $349 billion in payroll protection for small businesses. Unfortunately, many financial institutions and their small business clients walked away empty-handed. One reason for this? An inadequate technological infrastructure. Simply put, a lot of banks and credit unions didn’t have the required SBA PPP loan processing software they needed to handle loan applications.

The COVID-19 global pandemic has impacted credit unions in many ways. One effect of this pandemic is that credit unions are being forced to restrict hours at their physical branches, or to close those branches altogether. As they have done so, more and more credit unions have turned to digital banking and digital lending technology to keep up with the needs of their members.

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.

The coronavirus pandemic has disrupted all of our lives in one way or another. Banks and credit unions have felt the strain to continue to provide the same level of customer service while maintaining the safety of their staff, members and customers. In addition, maintaining revenue while assisting those that may not be able to make loan payments and creating a plan to help them recover successfully.

If there's one thing the COVID-19 pandemic has taught us, it's that connection is precious. Now that we are all in quarantine, we realize just how meaningful it is to connect and to communicate. This is certainly true of communication with family, friends, and co-workers, but even communication with trusted brands and institutions can carry some weight.

Soon, many Americans will receive coronavirus relief checks from the federal government. But what about those who do not have a bank account, nor any easy way to access these funds? Senator Sherrod Brown of Ohio has proposed a solution. His proposal also points to some unique opportunities for credit unions to embrace digital banking software. Visit this article to learn more about the promise of online account opening software for credit unions, especially during these perilous times.