Role of PR in Banking During Covid
Who could have imagined that a time will come when we will not wish even to shake hands with our close friends, forget about giving them a hug! But it has happened, and the situation is still unchanged.
The Indian government, along with medical professionals and municipal employees, declared bankers too in the category of essential workers or frontline workers. So unlike others, all the banking employees have been attending their offices and banks and there have been no lockdown for them right from the day one. As the government announced several measures to help out people, the financial side was to be handled by banks. The bankers did not fail the government or the society.
TRADITIONAL MODEL NO MORE
The covid crisis has in fact come on top of the traditional banking business model: revenue pressure and low profitability, tighter regulation, increasing competition and new digital entrants. There is as such no doubt the banking sector will be under stress due to high levels of credit losses once large-scale insolvencies arise between corporates and households due to the economic downturn. Further, new digital savvy entrants are now strategically challenging banks. This situation provides many benefits, but also new risks that will require regulatory responses. The role of PR is thus enhanced.
CHALLENGES
It was an evolutionary moment and presented a space and time to shine. With some thoughtful positioning, PR professionals have done a wonderful job. PR’s main strength - building relationships - is what got it through the pandemic. Relationship builders know that to move through crisis, fostering cooperation rather than leaping to blame is the best way to get things done. Covid has seen greater collaboration between departments. We’ve seen a real sweet spot when PR, marketing, social media and digital work in unison. Bravery is second nature to PR - being newsworthy
often means challenging the status quo. A lesser-known part of PR, internal PR, gained importance.
Social media reached the top spot in 2020 and has opened up the gate for new critical PR skills. PR provided vital information during the pandemic, helping people feel more comfortable with the new normal. Dr Ajai Kumar Agarwal believes professionals are well placed to help banks figure out how not to suffer a moral loss.
A HEAVY TOLL
Banking professionals have done a yeoman’s service towards the nation during this crisis. Besides providing the usual branch services, almost all the public as well as private sector banks have been engaged in social services, providing food and essential life-saving medicines. With open arms they have collectively looked after the needy and downtrodden. It is not only the serving professionals, but the retired bank employees also have done immense work to sooth the pain and wipe out tears from the faces of those who have lost their near and dear ones. If I speak of Hyderabad, there are groups as well as individual retired bankers who have donated oxygen concentrators, food, masks, sanitizers and various other essential medical facilities to the needy people of the society.
Bankers have also paid a huge price. Bulk of the states are still in lockdown with strict stay-at-home orders but the banking sector slotted as an essential service was and is partially exempt from the lockdown orders. In the meantime, many bankers have lost their lives. and many more are infected. “We have lost more than 1000 colleagues already,” said S. Nagarajan, general secretary of the All India Bank Officers’ Association. A leader of bank unions has said that 1200 employees had died due to the virus. These figures are only indicators and not the actual numbers, as he explained: “Not all banks are forthcoming in sharing the details and compensation policies for the families of those who died due to this virus.”
THE WAY AHEAD
Bankers are heavily exposed to customers in branches and the government must ensure they are, on priority, allowed to be vaccinated. If banking operations get affected, people may have to face an economic crisis as well after the ongoing health crisis. It is heartening to note that government has directed state authorities to vaccinate bank and insurance employees against covid on a priority basis. There is no denying the fact that it is due to a strong PR team that the banks are much better prepared to take on the third wave of the pandemic. PR has always been able to navigate these complex waters, which is why we need a PR team now more than ever. Covid will not be the last crisis. We’ll have to deal with in our generation. many national awards, including Dr K R Singh
Lifetime Achievement National Award. He is currently National President, International
Chambers of Public Relations and former