The novel coronavirus may be closing bank branches nationwide, but some digital-only financial institutions are trying not to exploit consumer fears. 

“Being a branchless bank is part of who we are, but we don’t want to resort to scare tactics,” said Nicole Lorch, chief operating officer at First Internet Bank. The Fishers, Ind.-based bank, which has $4.1 billion in assets, has lived entirely online since its founding in 1999. 

As health officials promote social distancing, consumers are becoming wary of in-person interactions and visiting retail branches. First Internet Bank, however, isn’t trying to cross-sell new products and scare consumers into becoming customers. Instead, the bank is trying to create a better customer experience during trying economic times. 

According to Lorch, First Internet Bank is using its regular messaging through its digital advertising channels. Most of the bank’s advertising focuses on its savings rates; for example, the bank offers a 1.61% APY on its money market savings account, something often highlighted during its advertising. “We use a rational and fact-based campaign,” Lorch said. 

The bank is currently trying to accommodate existing customers who need services like payment deferrals and emergency lines of credit Lorch said the bank is small enough to handle customer requests on a case-by-case basis. 

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Greenlight Financial, a digital banking platform designed for families, reaches customers through a mix of social media, emails and push alerts. Co-founder and CEO Tim Sheehan said Greenlight, too, is avoiding scare tactics during the pandemic. Instead, the company is working to send helpful information to parents about online educational tools, as well as arts-and-crafts projects kids can do while away from school. Sheehan said the company is trying to send that information Monday. 

“We’re being cognizant of the current situation and how we talk to people,” Sheehan said. “This is a unique and stressful time right now.”  According to the company, Greenlight has more than 500,000 parents and children using the platform.

First Internet Bank said 33% of its employees are now working remotely, but the bank aims to have half of its workforce doing so by the end of next week. The bank has carbon copies of its data center, and it bought extra work laptops to accommodate employees working from home. 

Lorch said the bank has pulled a number of employees from their usual roles to help service customers during the current economic upheaval. She said this includes commercial and compliance personnel, and even her own assistant.  

Greenlight, meanwhile, has all its employees working from home. Having an easy line of communication with customers is crucial, Sheehan noted. “We’ve made it really easy in the app to send us messages,” he said. “We want it to be as easy as a text message.”