Credit Management: Planning forLosses • Build the capacity to handle a spike in delinquencies 90 to 120 days out when paymentholidaysexpire,orin30daysforanyassetclassnotcoveredbypayment holidays.Trainforempathyandengagementaswellasfortypicalcreditresolution processes. • UseAIandRPAtohelpscalecapacitybutemphasizehumaninteraction.Calland speakratherthansendelectronicorprintedmessages. • Standupsector-specificworkoutandrecoveryunitswithafocusonthehardest- hitsectorsliketravel,entertainment,retailandhospitality.Createspecialistasset management pods to develop “hibernation” strategies that can enable bounce- back.Oneexampleistemporaryownershipofassetswithpre-determinedcredit reactivationtermstotransferownershipbacktocurrentbusinessowners. • Deploycreditanalyticsexpertisetounderstandchain-reactioneffectsand proactivelygetaheadofdownstreamimplications. DepositsandTransactionAccounts • Assess your pricing and marketing strategies for deposit funding in a volatile interestrateenvironment.Therewillbeaflighttosafetyfromthemarkets,butyou alsodon’twanttolockinunnecessarilyhighfundingcosts. • Allowpenalty-freeaccesstotimedepositstoallowconsumersandbusinessesto tapallformsofcashreservesthattheyhave. • Preventcustomersgoingintooverdraftandincurringfeesbyturningalloverdrawn accountsintounsecuredlinesofcredit. • Increaselimitsforremotedeposits. 27 COVID-19: Open letter to retail and commercial banking CEOs