Coronavirus Insights: Sports Sponsorships, Post-Crisis Planning

Content from around the web related to the pandemic and its impact on the financial worls. Ideas, new tools, information, expert viewpoints and more curated by The Financial Brand's editorial team.

4 Steps to Take When Coronavirus Shuts Down Sports Sponsorship

From entire sports seasons and the Olympics to college games and local sports events, financial institutions are major sports sponsors — including teams and the venues they play in. Now, that’s all gone. What to do? Alex Burmaster, co-founder of sports marketing platform Caytoo, offers advice on how to salvage something and how to deal with upcoming surprises in this article, “COVID-19: How Sponsors Should Handle The Turbulence Upending The 2020 Sports Calendar”.

3 Things to Consider When Using Live-Stream Video

Suddenly, everyone is thinking video can replace internal meetings, workshops and other interpersonal events. Nikki Garvey, Head of Ads & YouTube Events/Experiences at Google, offers some helpful tips. “Just because you decide to do an event digitally, doesn’t mean you have to do it live — especially in a world where people are working remotely, often with children, pets, and loved ones nearby,” she writes in her article.

Credit Union Shares Coronavirus Communication Help

Solarity Credit Union in rural Washington offers other financial institutions and small businesses a curated collection of its own outreach efforts and models to emulate. This includes a collection of President & CEO Mina Worthington’s emails to staff, how to set up a hardship loan product, and how to coordinate a coronavirus response team. Check out their resources here.

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Will Pandemic-Driven Changes Become Tomorrow’s Normal?

Today’s “temporary” conditions may be sending the banking industry down a one-way path that executives need to be thinking about, according to analysts at McKinsey. For example, the “increasing comfort with digital technologies and decreased reliance on physical branches could accelerate the transformation of the banking landscape, advantaging the banks with stronger digital capabilities.” Read McKinsey’s analysis, “Leading A Consumer Bank Through a Coronavirus Pandemic”.

Keep Up with Trending Coronavirus Conversations

Talkwalker is providing a free daily report, as a PDF download, of what’s trending about COVID-19 on news sites and on social media. This is one of multiple free tools the data analytics firm is making available. Check out Talkwalker tools.

What’s on the Horizon for Financial Marketers?

It’s not too soon to begin thinking about the post-coronavirus business environment. According to an Adweek article, this should include what marketing plans now on hold may have to be scrapped and how enforced reliance on ecommerce could change future buying habits.

FDIC Answers Banker Questions About the Pandemic

While most financial institutions have been reaching out to consumers with messages of support, many are still figuring out aspects of their response. FDIC has published a Q&A on debt restructuring and other COVID-19 issues (PDF).

How to Help Small Businesses Survive the Crisis

Many small businesses are on life support, and banks and credit unions are part of the ER team struggling to save them. An article in Cornerstone Advisors’ Gonzo Banker lays out detailed steps for triage and possible response options for the likely survivors. The article, “Keeping Small Business Afloat While Addressing Risk”, covers credit and other issues that marketers and retail bankers need to know about now.

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