AdviceProvisionandNewSales Broader BusinessManagement • Prioritize in-person conversations (phone or video) over chatbots and • Adoptanagileapproachtocrisismanagement.Firstgettherightmessagesto impersonal interactions. In times of crisis, people need to talk and customers, then work back through the operational process implications and explainwhatishappeningtothem;theydon’tappreciatebeingtreated enablementchallenges. as a number. At-scale virtual call centers can be set up in a matter of • Establishafull“warroom”thatcoordinatesallaspectsofyourcrisisresponse. daystoprovidebasicadvice. • Provide advisors with personalized scripts and guidance that reacts to • Makeitpartofthe“warroom”mandatetopreventdisposablespend.Challenge individuals’circumstances,andarmthemwiththefullrangeofoptions. how short-term spend can generate longer-term benefit for the bank. Try to investincapabilitiesthatwilloutlivethevirus,butdon’tletthatbeanexcusefor • Provide commercial RMs with sector-specific resources that show an not actingfast. understanding of how the crisis will impact each type of business. This • Quicklyreviewallprojectspendandreprioritizestaffandexpensetowardsshort- should include sharing best practices with them on how other clients term needs. There will be areas of the bank where activity drops; get under- likethemarehandlingthecrisis.Bankscanfacilitateinformationsharing utilized staff on the field doing something useful and supporting the teams that between affectedbusinesses. aregoingtobeoverwhelmed. • Acceleratedigitalsalesprogramsandbewillingtoexperimentwith • Developagameplanfordealingwithyoursuppliersandvendorsandforbeing puredigitalprocesseswithinacceptablerisklimits. agreatcorporatecitizen.Don’ttransmiteconomiccontagion.Instead,asa • Changeallyourincentiveplanssothatnoonethinksyournumberone well-capitalizedinstitution,trytodampenandabsorbit.Alsotrytoredirectyour priority is tosell. spend towards local business that are going to need it to survive, including thosewithinyourownlendingportfolios.Ifyourcrisisresponseteamisworking all night, buy them pizzas from the local Italian restaurant that is doing take-out only. • Model and communicate to all stakeholders what the likely impact of the crisis willbeonthebank’seconomics.Emphasizesocialgoodandbanksasstabilizers, whilereassuringstakeholdersaboutsolvencyandriskmanagement. • Developscenariosandplansforaquickbounce-backlikewearebeginningto seeinChina,SingaporeandsomeotherFarEastcountries. 29 COVID-19: Open letter to retail and commercial banking CEOs