MinimizePhysicalInfectionRisks likeservicesuchasthatuseduntilrecentlybyIdeaBankinPoland.Banksshould For those customers who still need to visit a branch, consider special also consider raising remote deposit limits in order to allow businesses and arrangements to isolate elderly and vulnerable customers so they can consumerstodepositlarger-valuechecksremotely. transact separately at a safe distance. While the “mobile banks” that onceservedruralareashavegoneoutoffashion,anybankthatstillhas PersonalizeAdvicetoConsumers theminagaragesomewhereshouldconsiderreinstatingthemtoserve communities like those in sheltered living facilities, where it would be Retail customers will drive a surge in demand for help and advice on both short- appreciatedifthebankcouldcometothecustomer.Mostregulators term cash management and re-planning their future as their family situation haveprovidedreliefforbankstoclosephysicallocationsasnecessary.We changes(here are two useful links to FinTech partner who have thought about would suggest they continue to view the option to transact in-person as how to personalize customer communication: Personeticsand Flybits). The highlyvaluableforsomecustomersandthereforeshouldavoidwholesale banking industry was already facing an advice shortfallthat will be greatly closuresifpossible,althoughstaffinglevelscanobviouslybelower amplified by this crisis. Investment in chatbot capabilities may look like the best thannormal.Forcustomerswhodowanttodosomethingin-person, way to provide advice at scale, but given the nature of this crisis, banks should adeflectionstrategycouldbeadedicatedcallcenterthatfocuseson prioritize live interactions wherever they can – including using common consumer transactionsbymailandprovidesprepaidexpressservice. apps like Facetime and WhatsAppvideotoenablerealconversations.Thisisatime While we expect a lot of payments volume to migrate to digital and whencustomersneed reassurance and someone to speak to, not an impersonal online, we also expect the usual consumer response to increased risk: alert that tells them their upcoming utility bill is about to put them over the to stockpile cash. Banks therefore need to ensure that ATMs remain financial edge (although cashflow management and information will be critical as stocked–thereisenoughpanicwithoutacashshortage.Anaggressive personal and corporate liquiditytightens). disinfectingcampaignwouldalsohelptoreassurecustomersthatATMs This is one reason why we believe wholesale branch closure programs may be arecleanandsafetouse. counter-productive –there may be many customers who need to sit down and Where cardless ATM transactions are an option, this should be talk about their situation (subject to safe social distancing), and finding a locked encouraged, and proactive training provided to consumers and staff to branch door may send a message that the bank is not there to support them in make it more feasible. Banks should also consider waiving ATM fees to their time of need. It may also be an argument for turning off your IVR system allow customers access to cash if they are struggling without income. and just making sure there are enough live people to answer the phones. Even if Whereabankhasacashandcoinpick-upserviceforsmallbusinesses,it theydon’thavealltheanswers,theycanprovidereassurance,logtheissues,and shouldbeexpanded–withtheoptiontoswitchtoanon-demandUber- create apersonal connection. 18 COVID-19: Open letter to retail and commercial banking CEOs