We’re all in this together is the mantra of the COVID-19 era. Cable companies are giving premium channels to quarantined customers, car dealerships are deferring payments for months at a time, and free delivery is standard for many restaurants these days.
One industry that’s always provided unwavering neighborhood advocacy, however, is community banking. Now, as cities and towns continue battling the coronavirus, local financial institutions are stepping up their support by ensuring cash flow for businesses and care for their customers.
Relationship Banking
Local financial institutions employ members of the community who, in turn, develop relationships with other members of the community. By getting to know their customers’ individual financial needs, community bankers quickly and confidently suggest the most beneficial products and services. This personal interaction builds customer loyalty and trust while increasing revenue for the financial institution.
As challenges with the pandemic continue, local banks and credit unions are uniquely positioned to help. Whether they’re waiving fees, dropping interest rates on credit cards, or deferring loan payments - community banks have become a lifeline for companies and citizens alike. Here are a couple of examples of banks stepping up to help the communities they serve:
Ally Bank launched an extensive array of financial support initiatives to help its consumers in response to the coronavirus crisis including deferral of payments for auto and mortgage loans. Ally also donated $3M to COVID-19 efforts in the communities they serve to support food distribution, emergency housing, child care, and healthcare.
Popular Bank launched a COVID-19 Financial Hardship Relief Program to meet the needs of both its personal and commercial banking customers. Assessed on a case-by-case basis, the bank works with each customer to provide customized financial solutions. Popular Bank is also waiving copays for COVID-19 tests and emergency room visits, and facilitating telehealth access between community members and local healthcare providers.
The Epic River Patient Lending Module
Enabling patients to pay for the care they need and for providers to be compensated in a timely way is why Epic River exists. Epic River’s patient lending solution connects local community banks and credit unions with healthcare providers and their patients. Via the Epic River online platform, banks provide fast and secure loans, patients make easy online loan payments, and healthcare providers receive timely payments from the lender for the patient’s financial responsibility.
55% of patient responsibility is never collected by the healthcare provider. The Epic River medical loan program solves this financial challenge. By partnering with local banks and credit unions offering affordable, fixed-rate loans with flexible payment terms, this solution is a win-win-win:
- Patients get the care they need without jeopardizing their financial health
- Healthcare providers restore their financial solvency through receipt of timely compensation
- Community banks and credit unions benefit from a new revenue stream while providing a valuable community service
Guaranteeing 100% patient loan qualification and prompt payment for providers, keeps healthcare focused on patients and patients focused on their health.
Communities are now navigating an unprecedented storm. Fortunately, local financial institutions are providing a beacon of hope for businesses, families, and their finances - no matter the weather. Learn more.
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