Banks to Defer Mortgage Payments Following Coronavirus

Banks to Defer Mortgage Payments Following Coronavirus

Andrew Stevens

Global Banking and Financial Services Specialist at Quadient

Views 675

Banks to Defer Mortgage Payments Following Coronavirus

12.03.2020 08:00 am

It’s great to see RBS leading the charge in putting customers first during a crisis – with Lloyds and TSB quickly following suit. People are talking about these policies because banks have communicated them very clearly; if you put the leg work in but miss the all-important last mile – the communication – you lose the opportunity to reassure customers that they are safe, especially when faced with difficult and unprecedented circumstances.

RBS should be commended for being the first big UK bank to come out and publicly provide this kind of safety net for customers affected by Coronavirus disruption. With the situation escalating daily and government advice suggesting that sick leave may need to increase dramatically in the coming weeks or months, people with mortgages and loans need advice right now, not three weeks down the line once a message has been agreed by multiple internal teams, printed and sent by second class post.

During a period of crisis or uncertainty, it’s vital banks communicate over the channel of the customer’s choice, be that email, SMS or via notifications directly to their smartphones. Proactively keeping customers in the loop during these times will not only make a difficult period easier, but it will also reassure customers they can trust their banks in the longer term.

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