The COVID-19 pandemic is straining economies and individuals alike. Companies must take advantage of this opportunity to think creatively about how they operate. Forrester looked at how more than 20 companies changed their policies and procedures in response to COVID-19. Three key themes emerged as firms:
- Reduced sources of stress: Financial service firms, including Bank of America and Citibank, eliminated overdraft fees and offered deferred loan payments for customers experiencing financial distress.
- Added benefits: Alberta Blue Cross launched the Text4Hope program to provide members with daily text messages containing advice and behavioral health support.
- Embraced their ecosystem partners: Coal India offered flexible payment options to energy producers, including acceptance of bank-issued letters of credit.
Companies aren’t taking these steps because the government is twisting their arms. Ahold Delhaize’s Giant and Stop & Shop grocery chains proactively implemented dedicated shopping hours for high-risk individuals before any government guidance or regulations were released, part of a wave of firms setting a standard for a reimagined shopping experience.
The stories don’t stop there! Forrester clients can learn more in our new report, “How 29 Companies Adjusted Policies To Help Customers During The COVID-19 Outbreak.” There you’ll find concrete examples of new, non-standard operating procedures. You can also schedule an inquiry call to discuss how your firm can take similar action to support your customers in their hour of need.