COVID-19’s Impact on Financial Services
Impacts of COVID-19 on Financial Services
The impacts of Covid-19 are far and wide across the Global economy. For financial services specifically, it is creating a whole new way of doing business with limited physical connection to consumers and customers, and an increasing need for short term services to keep businesses alive and well.
What are we hearing in Financial Services?
- Increased focus on Lending
Banks and lenders are experiencing an influx of servicing and on-boarding volume. Many are investing now to implement short and long term solutions to make these processes more efficient including automating generation of key client-facing documents, loan management, collateral asset tracking, and on-boarding.
- Increased customer engagement in Wealth Management
Market volatility has increased the need for digital solutions to support customer communication. Specifically, there is increased attention on assisting customers with guidance through needs assessment compliant with KYC/AML, compliance with Reg BI and audit tracking solutions.
- Increased communication with retail and commercial customers
Financing and credit servicing organizations have increasing needs to communicate to customers quickly and offer assistance (i.e., Mortgage/Financing relief, waived fees, extended service hours, and self-servicing). Many organizations continue to focus on improvements to FCR (First-call resolution) and AHT (Average handling time) to support increased calls and surging demands.
- Incident Management
Incident management and crisis management remain crucial areas of focus. Organizations are seeking easy to use solutions for the secure management and reporting of incident creation, tracking, attribution, measurement of incident impact.
- Crisis Response
Crisis Response is a pressing concern for organizations to effectively manage and distribute internal communications.
We’re here to help.
We’re committed to our clients during the Covid-19 crisis. Our focus remains on providing remote/virtual engagement across thought leadership and delivery excellence. Our firm is uniquely positioned for virtual/remote support across industry strategy, implementation, technical architecture assessments, and change management. During the crisis, we’re on call for industry insights and urgent support for business continuity initiatives including compliance/risk management. In addition we provide
- Industry Experience & Leadership:
Our Financial Services practice has over 40 years combined experience across executive industry leadership, salesforce consultation and solutioning. During this time having unique customer perspectives to address “pain points” across “lead to loan” and risk/reg compliance matters are foundational along with realistic solutions.
- Rapid Response Solutions
Xede’s pre-configured full-functional deployments of Salesforce (Xelerate Launch) and sets of functionality (Xelerators) can be easily enabled to enhance your existing or new Salesforce Clouds including Financial Services Cloud (FSC):
Fully functional solution to help small businesses engage and simplify the Paycheck Protection Program (PPP) loan application process. Our SFDC/FSC allows lenders to expedite implementation and associated costs. Solution can be white labeled and linked or embedded into current sites/applications.
Quickly enabling servicing support/case management (includes omni-channel routing) across FINS remains critical, given the volume of calls and customer requests during the Covid-19 crisis.
Global Incident Management
Designed to provide an easy to use solution for the secure management and reporting of incident creation, tracking, attribution, and measurement of incident impact.
Allows small/medium-size lenders/banks the ability to quickly scale and enable a pre-configured Financial Services Cloud (FSC) stand up.
Wealth360 with Needs Assessor (RegBI) Launch
Enables quick setup to support transfer of wealth and ability to personalize next-gen relationships, along with Insights and knowledge to advise based on needs assessment. Fully compatible with compliance compliance and tracking (REG BI).
Needs Assessor (Banking, Insurance)
Enables bolt on needs assessment functionality to support compliant KYC for banking and insurance.
Complaints to Compliments
Enables regulatory feedback reporting, tracking and attribution to support the client experience.
Provides a unique partnering approach where our client’s team is linked with a right-sized, right-skilled team in a structured cadence over a series of months so you can rapidly realize business outcomes. This flexibility and scale during the crisis offers a quick ramp-up and immediate support with high-end Salesforce and industry talent.