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.

Latest blogs

Colin Neil Adyen UK

P2PE – Silver Bullet or Snake Oil?

Fraud is an ever-present problem for merchants, especially with the increasing number of payment providers, start-up challenger banks, and online shopping sites providing different levels of fraud protection. To ensure the best customer and business Read more »

Thomas Pintelon Capilever

Credit servicing - Much more than just a back-end process

While credit origination is considered as a very customer-centric process, the credit servicing part that comes afterwards is usually considered as a purely operational, back-end process. However, substantial added value and competitive advantage Read more »

Simon Cureton Funding Options

Due Diligence Vs Speed: Why It’s Not Either-or When It Comes to SME Lending

The coronavirus pandemic has put the SME lending market under the microscope with extensive debate on how to deliver the right financial support to SMEs at speed. Traditional retail banks usurped fintechs and were gifted the golden CBILs and BBLs Read more »

Keith McGill Equifax UK

Fraud Continues to Rise, but Faster Digitisation Will Bring Benefits

The results of the Cifas report show the changing face of fraud and identity theft across the UK. With a 13% rise in reports to the National Fraud Database from 2018, it’s clear that even before the pandemic struck there were a number of challenges Read more »

Darren Capehorn Icon Solutions

Unbanked and Unconnected: Supporting Financial Inclusion Beyond Digital

Many of us take it for granted, but accessing basic financial services is fundamental to our economic and social development. It is hard to ‘get on’ if you are forced to hide life savings under the mattress, or rely on predatory loan sharks for Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel