Build a scalable capability In responding to the high demand from customers, banks should immediately stand up scalable processes that enable customers to quickly draw funds from the financial system. At first, these processes may be more manual and less scalable than desired. Redirecting as much volume as possible towards digital or automated facilities underpinned with elastic cloud computing capacity will make it quicker and easier to scale. At one leading Australian bank, digital origination channels were used to support over 70 percent of new credit applications due to quick actions to change eligibility criteria and relax credit policies. Here are some action-oriented ways you can build scalable capability: Within10 days Address pressure on new credit requests. Banks should either design a new loan origination process or expedite their existing one to enable them to process high volumes of applications for government-sponsored loans—whether details of One immediate need is government programs are newly minted or even undecided. to stand up scalable Plan for loan modifications.Customers may seek clear and concise guidance on banks’ expectations for loan repayments during this time. Communicate first and processes that enable then work through the operational implications, including changes to loan customers to quickly servicing systems and legal amendment of terms. Improve management visibility. There may be strong desire by some senior draw funds from the leadership to understand the number, value, and segmentation of new loans and financial system. modifications—how many new requests are coming in daily and where the bottlenecks and breakdowns are showing up. Assign a leader to define the reporting and underlying data strategies. 7 Copyright © 2020 Accenture. All rights reserved.