Welcome To
The Bottom Line

In mid-March, when Americans were beginning to absorb the notion of shelter-in-place orders, SRM reached out to our financial institution clients to get a snapshot of their mindset regarding approaches to meeting consumer needs in the age of the pandemic. The findings of that initial survey can be found here. 

To refresh this view and learn how time in the “now normal” was impacting banks and credit unions, a second survey was planned in late June. Of course, by the time the second survey was ready to go into the field, COVID-19 was re-asserting itself across the United States. We retooled the study to accommodate the circumstances, revisiting some of the questions from the March survey and drilling down into digital transformation and payments.  

In our last blog post, several SRM experts weighed in on the future of banking in the now normal - how consumer spending behaviors would influence branch operations and non-interest lines of revenue. In this post, we will shift our focus to big data, cyber risks and the need to reinforce legacy infrastructure.   

We are spending a lot of time thinking through the near- and mid-term ramifications of the coronavirus pandemic, especially impacts to the financial services industry. SRM has already shared several perspectives on this topic, including similarities/differences between today’s downturn to 2008’s financial crisis and financial institutions’ latest wake-up call concerning digital channels. Now, our lens focuses on what adapting to post-pandemic consumer banking and spending behaviors might look like. 

Over two weeks ago, our firm offered perspective on some things banks and credit unions can do to proactively support accountholders during the COVID-19 pandemic. Since then, we have maintained ongoing contact with our more than 1,000 clients as this situation continues to evolve. Additionally, we surveyed our industry network of clients and friends to help us understand how the virus is impacting their financial institution’s operations – and they delivered.