Q&A Series: COVID-19 & The Banking and Finance Industry

COVID-19 has had a dramatic impact on nearly every business, regardless of industry or geographic location. With businesses now having to navigate new, unchartered waters, many are searching for reliable and trusted information so that they can make informed decisions.

In this Q&A, banking and finance industry expert, Josh Wilkinson of MapQuest for Business, answers five questions about COVID-19’s impact on the industry and how businesses can best manage this time of change.

1. What impact has COVID-19 had on the banking and finance industry?

Some bank branches are unable to support social distancing guidelines and have closed to the public, except for scheduled appointments. Smaller retail branches are closed down entirely. As for larger financial institutions, some have closed down nearly 20% of their locations. The situation continues to be very fluid with new information and responses occurring on almost an hourly basis.

How are companies responding to these changes?

The health and safety of the customers and employees have become a top priority, allowing some employees to work remotely and mandating scheduled appointments for in-person banking to minimize contact within the bank branches. Drive-through banking remains open for those branches still operating.

3. Do you think COVID-19 will change the future of the banking and finance industry?

Some branches may not reopen, while others will maintain drive-through access for most transactions. There may be a larger push for online banking as most transactions can be done remotely via computer or mobile app. Banks are moving to enhance their online banking and banking apps to optimize user experience while protecting customers and employees.

4. How has MapQuest for Business responded to COVID-19?

MapQuest for Business has helped many companies adjust to the rapidly evolving situation and has also helped to maintain business continuity. We have joined the fight against COVID-19 by providing companies who track the spread and occurrences of the disease across our country with free access to MapQuest navigation and mapping APIs.

5. What advice do you have for companies on how they can best navigate this time of change and uncertainty?

Enhancing your customer’s user experience with online banking and mobile apps is key to retention. Enabling services for customers to locate their nearest open branch and schedule appointments directly from the site will save your customers time and reduce frustration. Customers are becoming scarce and a competitive advantage is crucial. With our suite of Location APIs and SDKs, your financial institution can ensure you get your customers to the right branch.

My best advice to companies in the banking and finance industry is to leverage every resource available – and that includes MapQuest for Business. We are here to provide guidance and support to both customers and non-customers alike. Whether you have a question about service plans, payment options, technical support, or something else, we’re here to help you make the best decisions for your business.

View the MapQuest for Business brochure to learn more about our offerings.

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