The webinar discussed how banks and financial institutions are responding to the COVID-19 crisis. It outlined how customers and small businesses have been affected by job losses and decreased revenues. Banks have seen changes in customer spending and a strong uptake in digital solutions. Their strategies have included emphasizing empathy, re-evaluating priorities, and accelerating digital capabilities. Tactically, banks have enabled work from home, used more video conferencing, and redirected resources to reduce operations strain. Looking ahead, the webinar discussed building resiliency, focusing on customer needs, maintaining organizational agility, and preparing for a hybrid business model in a post-COVID future of banking and fintech.

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Webinar: Fintech PM During COVID19
Crisis by RBC Product Lead

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6. Fintech in the times of
COVID19
How are banks and financial institutions responding to the
global crisis
Swapna Malekar
Product, RBC (Royal Bank of Canada)
Ex @ Accenture, Scholastic, Klood

7. Who has got affected and how?
Clients/Customers
- lost jobs
- increase in unemployment rates
- furloughs and pay cuts
- Increase in anxiety & uncertainty
Small/Medium businesses
- partially or fully closed down
- decrease in revenues and expect a decrease in business prospects in the next 3 months
- relief and stimulus packages from the governments have helped, not enough to help support the
business (operational, people and maintenance costs) for the next many months

8. Customer behaviour change across Banking & Finance
● Change in spending patterns - Purchase of Big ticket and non-essential items has
reduced significantly
● long-term outlook remains negative
● Self-confidence in making financial decisions has decreased
● Switch to cash & withdrawals
● Strong uptake in digital solutions - avoiding the branch and using online options
● Setting up PACs for emergency funds

9. Strategies to adapt amid COVID19 crisis
● Connect & Empathize with customers (messaging, conversations, advice, help)
● Step back and reevaluate game plan
● Re-calibration of priorities
● Pro-active in Recovery
● Longer term roadmap - identify future challenges
● Reexamine their crisis readiness, run tests, reexamine governance, and streamline
decision-making and communication approaches.
● Communicating regularly
● Scenario planning
● Actively monitor results and iterate

10. Tactical approach by Banks & FS providers
● Accelerate digital capabilities - balanced approach between emergency face to face
interactions and digital self-service solutions
● Safety of employees - enabled to work from home
● Video conferencing / audio communications
● Relieve panic around the fluctuating volatile investment market
● Re-directed resources to help reduce the load on operations’ teams
● Rise of e-signatures
● Clearly written BCP procedures and up-to-date information for clients

11. Building Resiliency & Lean outlook
Customer-first approach
● help customers shift to their new reality (new digital working environments and other
dynamics)
● Be more relevant - How can we make their lives easier during this lockdown?
● What does Engagement look like in a crisis?
Organizational mindshift
● Focus on your core strength; what peripheral skills do you have
● Add value, go beyond your product
● Identify opportunities and position yourself accordingly

12. Future of Banking & Fintech
● Hybrid business model & Omnichannel - face to face interactions & self serve digital
● End to end holistic ecosystems under one umbrella, not siloed products/services
● Democratized financial literacy - descoping the jargon, simplifying finance
● Beyond banking - marketplaces, tech companies
● Personalized, contextualized experiences
● Open source platforms; Banking/finance as a Service

13. In summary
1. Customer challenges and value
a. Heighten your customer empathy
b. Invest in relationships
2. Identifying and leveraging core strengths
a. Encourage your team to iterate fast
b. Learn as quickly as possible
c. Tighten your focus
3. Re-prioritize, Over communicate, align for RIGHT NOW
a. Understand and address the risks
b. switching business model & pivoting
4. Think about the future, for the long term
a. Be ready for secondary & tertiary shocks
5. Maintain Grit & Resilience

14. Thank you!

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