3. Deepen: Think about the longer-term relationship. While no one knows exactly how long this downturn will last, we know it will end. The institutions that reach out in times of difficulty will be better prepared when we see the upside again. Communicating with consumers in these three ways will help financial institutions foster trust, establish themselves as a valued long-term partner, and connect with their audiences in meaningful ways during uncertain times. 4. Get Ahead of the Message and Communicate Proactively A strong relationship isn’t just responsive, it’s proactive. Each panelist was emphatic in their recommendations to get in front of consumers in creative, interactive ways. Richard noted that firms using financial tool activity and account analytics to understand how to approach clients most effectively are especially setting themselves apart. To become a trusted resource to consumers, financial institutions need to have more regular, proactive communication. This can take the form of reaching out with timely resources, as well as establishing lines of two-way communication. Here are a few examples of how organizations can reach out and become more trusted in their communities: • Conduct surveys • Host educational webinars • Offer cost-of-living saving guides • Hold in-branch events for customers in marginalized communities Challenging periods are where relationships and reputations are built or broken. Financial institutions can use this downturn as an opportunity to distinguish their services and brand and strengthen their community. “Institutions that offer this level of bespoke support,” says Freda, “will see greater long-term value from their consumers and colleagues – ultimately fortifying their bottom line.” Key Takeaways • Measure the financial health of your customers, employees, and communities. Understand if they are financially healthy, coping, or vulnerable, and adjust your product and service offerings based on what you learn. • Speak the language of your consumers, and meet them where they are. While we, as financial institutions, think about financial health regularly, most consumers aren't, and they need simple language and reminders to help them build the muscles of financially healthy habits. • Reassure, Educate, and Deepen relationships with consumers. Acknowledge the impact of these financial hardships, share what solutions are available to them, and reach out in times of both difficulty and prosperity to build a stronger long-term relationship. • Be proactive in your outreach. Now is not the time to hunker down or run away from consumers. Get out there and run your programs – educational webinars and inbranch events to reach marginalized communities. To learn more about how to support your consumers, watch the full panel discussion at https://learn.everfi.com/webinar-prepare-communities-for-recession. We’ll rock your socks off. capital As a top Certified Development Company and Lender Service Provider, we help our banking partners succeed at SBA 504 and 7(a) lending. bs i decap i ta l . org/co - l ender s | 303 . 657.0010 Check out our library of SBA tools and resources in our Lender Portal. “B:Side Capital allows us to assist business owners through the SBA process with great rates, lower down payments, and an expedited process.”
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