Everyone in financial services knows the impact of COVID-19 on their business. Lost income, changes in investment patterns, lower footfall.
Sometimes, however, we need to take a bit of a step back and stop looking at the bottom line. It’s time to start thinking about the stuff that’s a lot harder than balance sheets, prudential requirements and market abuse regulations.
The world has been hit by the COVID-19 pandemic, and it’s too easy to focus on the screen in front of you, and that day’s business problem.
If you turn away from your monitor and see last night’s dishes instead of one of your colleagues, you’ll remember this is a people problem, too, with a lot of sorrow and hurt for many individuals.
Those in customer-facing roles will have done their ‘vulnerable customer’ training and be aware of the standard definitions for those at risk of vulnerability. When considering the current situation, few people fall outside of this definition. Poor health, income changes, caring responsibilities, emotional shocks, mental strain and the loss of loved ones now covers a sizable proportion of the client base. The Office of National Statistics says that 80% of adults in the UK are worried about the effect COVID-19 is having on their life.
Everyone in the firm needs to be aware that each customer is going through something that has never happened before in their lifetime. From a selfish point of view, there is a risk that not treating them as fairly as they should be given a risk of challenge to any decisions taken. A loan, mortgage or investment could be disputed for the reason of vulnerability, even when it isn’t obvious.
In financial services, we are in the position of not being directly involved with the country’s healthcare provision to the public and few of us have the skills to precisely support our customers that need such medical or mental care. What we can do is make sure we are acting as a conduit to the bodies that are equipped to help, whether that be financially, mentally or physically.
Access to these bodies needs to be flagged and supported.
It’s also important that each firm reviews its approach to vulnerable customers and considers what else can be done. An economic strain has already been placed on many firms by the regulator through the imposition of additional forbearance requirements and has restricted options for the recovery of both funds and assets. An additional step that can be taken without a huge financial outlay is deploying some of the softer skills that are already present in our workforce.
Ensuring helplines are well-staffed for customer assistance and allowing employees to support external charities and local initiatives should be at least up for discussion.
Looking at the broad term of ‘staff’, we need to be aware that this encompasses every single person employed by, or supporting the working of the firm.
Usually, when there is a call like this, it is seen as a prod in the direction of ensuring the lowest paid, or less visible staff members are supported. This is true, but there is no reason to believe that middle management, senior management or the directors of the firm are immune to the resolution of the physical and psychological effects of the pandemic.
Support mechanisms need to be in place to sustain the whole of the operation, whether that be time off, reduced workloads or just someone to chat with. This includes those less familiar with operational processes - a newer member of staff can be struggling to access the right files with no one obvious around to ask a simple question. This is more stressful when they are not sitting right next to colleagues and don’t want to bother their new boss.
Aside from the ‘big’ impacts of COVID-19- illness, bereavement, and worry, there are many others that will more heavily bear on some of the less affluent, or more junior team members. Being able to close the door on a room that holds your computer and walk away to the next box-set is a luxury many don’t have. With rolling lock-down rules, it can become very lonely in a flat by yourself. (It can become very lonely with a frustrated toddler too.)
There has also been a large increase in domestic abuse, driven in part by enforced, continual proximity, with less obvious ways for people to escape this.
Management needs to be aware of the individual strains people have, where possible, and offer support.
With so many considerations, it can be difficult to identify tactics that suit all, and that’s probably the point. We are all individuals, and what suits one set of circumstances will not suit others.
It’s impossible to give a complete set of answers for each customer or staff member every time, but solutions need to be as individual as they can be.
If we can’t offer a solution, let's just try to be nice to each other for a while. The other person may be going through something just as bad as you.
Alongside our financial services eLearning, including ‘Supporting Vulnerable Customers’, we also provide Workplace Mental Health and Wellbeing training to help employers to promote positive working cultures and highlight the warning signs of mental ill-health and stress and ensure leaders and their teams are equipped to recognise and respond to those who may be struggling.