Most of the sector is going above and beyond to try to support new and existing customers. In a few instances, we have seen special offers instituted. We’ve collated some examples below, which may give a few of you ideas.
In addition to these company specific initiatives, there are a range of industry pushes such as:
- Promoting contactless payments
As cash is considered to be a driver of Covid-19 infections, a number of countries have decided to improve the limit for contactless payments. The UK raised it from £30 to £45, while in the Netherlands it is now possible to pay up to EUR 100 by contactless, up from EUR 50.
- Providing extra support to customers
Some banks and payment companies around the world are providing help to customers in need in different ways. While Citi is waiving fees on monthly services for both retail and small business customers, Sberbank opened a hotline to help its business customers deal with the financial and organisational issues that the virus forces them to face.
The most important element of all of this, though, is going to be whether the banks will start providing the credit (backed by governments) to the small businesses that are struggling the most. Initial reports suggest that in the UK for example, banks are currently tightening their lending provisions and asking for even more burdensome personal guarantees – not the direction governments are hoping for right now.