The World Health Organization has officially declared the global Coronavirus (COVID-19) a pandemic. A disease that was virtually unknown just a few months ago is shaking up the world with mandated lockdowns, quarantines and stock market tumbles.
So, what now?
Credit Unions share a unique mission to serve members through the good, the bad and the ugly: A pandemic is not an exception.
In a recent blog from the Northwest Credit Union Association, David Curtis, the association’s director of compliance services, described the impact of 2019’s U.S. government shutdown and encouraged credit unions to consider providing skip payment options, low-interest emergency loans, and other services to workers may once again be faced with weeks without paychecks.
“Helping members through emergencies is the cornerstone of the credit union philosophy,” Curtis said.
By proving your credit union is a trusted fixture in times of crisis, you have the unique opportunity to deepen your member loyalty and gather testimonials that will ultimately grow revenue once the Coronavirus dust settles.
Credit Unions need to prioritize educating and protecting their teams.
The Centers for Disease Control and Prevention (CDC) has published a list of recommended strategies for employers in response to the pandemic. Among those recommendations include:
Eltropy is encouraging a work-from-home environment for its employees should they fall ill or are exposed to the virus – all workplaces should consider the same. By anticipating these new policies, we are embracing a prepare-but-do-not-panic mentality during this unique time in order to maintain our team’s morale and productivity.
Credit Unions should embrace the digital revolution to communicate with employees and members remotely.
The digital revolution was upon us well before the Coronavirus pandemic. The Credit Union industry has an even greater opportunity to continue building upon this by encouraging compliant, secure communication with members and employees during the crisis. A solution like Eltropy offers a Text Messaging platform ideal for emergency communication as well as conducting business-as-usual with minimal physical contact.
To learn how your Credit Union can adopt Text Messaging to enhance communication during the pandemic, simply request a demo of our solution. Team Eltropy is committed to doing its part to help the Credit Union industry stay healthy while continuing to conduct business during this uncertain time.