Whether it was their nimble shift to digital, or willingness to interact in new ways with customers in branches, bank employees have met head-on the business challenges posed by the outbreak.
“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.
With the coronavirus pandemic intensifying and hopes for a quick economic recovery fading, banks large and small are reducing headcounts, shuttering branches, shedding office space and generally trying to trim expenses wherever they can.
Digital banking has ramped up during the coronavirus lockdown but customers will seek somewhere to go as cities reopen. A branch could provide that safe haven.
The pandemic won’t halt the Cincinnati bank's plan to open about 100 branches in the Southeast, but features could be added to accommodate social distancing.
Losses on commercial real estate aren’t expected to be as bad as the 2008 crisis; as more cities announce shutdowns, consumers turn to online payments.
Some banks have closed branches or restricted access and bank tech resources are being overwhelmed; bank pays a record SKr4 billion ($400 million) for issues.
