Sandy has devastated the East Coast – and with a Nor’easter hitting the affected areas yet again, times are tough for the people of these areas. Sections of New York and New Jersey were reduced to cash economies, and with cell service impaired, mobile wallets and mobile banking became useless. Robert Werner, COO of Two River Community Bank, informed Fox News that the bank was doing business the ‘old-school’ way – with ledgers and written records.
Sandy serves as a stark reminder to us that – despite the rise of technology, the demand for it, and the conveniences it provides – when disaster strikes, banks need to be prepared to go back to basics. Disaster can strike at any time. When Nashville was hit by devastating floods just a few years ago, no one anticipated the amount of damage and heartache it would cause (you don’t call it a thousand-year flood for nothing). You can’t predict when a tornado will touch down in the Midwest, or an earthquake will shake California. Is your bank prepared to serve your customers through a disaster? Do you have a plan?
Banks in the Northeast: How did your bank fare through Sandy? Is the Nor’easter further complicating recovery? Comment below, or contact me at emccormick[at]bankdirector.com.