Pub. 10 2020 Issue 2

6 www.azbankers.org Navigating the “New Normal” of a Global Pandemic How banks are pivoting to address the challenges of the coronavirus. By Monica C. Meinert I T'S STAGGERING TO THINK ABOUT JUST how much the 2019 novel coronavirus, COVID-19, changed the world in just a few short weeks. When we rang in the new decade Jan. 1, no one could have predicted that barely three months later, major league sports teams would be suspending entire seasons, Broad - way theaters would be dark, colleges would be closing down and markets would be in turmoil — all because of something com- pletely invisible to the eye, yet profoundly harmful to the most vulnerable in society. As we all adjusted to the “ new normal” of life in the time of the coronavirus pandemic, the theme was “ we're all in this together,” says the University of Maryland's David Marcozzi, a medical doctor with expertise in public health and epidemiology during a recent ABA member webinar. Stopping the spread of the virus will take everyone — businesses and individuals —working together. “ We can all be virus fighters. We need to embrace a different construct for how we live and how we maintain our own hygiene.” Keep calm and wash your hands First, there are the basics: wash your hands, cover your cough, disinfect surfac- es frequently and stay at home if you feel sick. Then there are the more advanced measures recommended by the Centers for Disease Control and the World Health Organization to mitigate the effects of the pandemic and slow the spread of infection — things like limiting nonessential travel and group gatherings that have led to the closures of bars, restaurants gyms and other establishments. These critical, com - munity-based interventions can have the effect of “ dampening ” or “ flattening ” the curve — in other words, slowing the rate at which the infection spreads from person to person — Marcozzi says. History provides an illustrative example. During the 1918 flu pandemic, the city of Philadelphia held a parade to help bolster morale and support the war effort during World War I. Citizens flocked to the streets in close proximity to one another. The re - sult, of course: “ their mortality and caseload went up significantly,” says Marcozzi. Meanwhile, in St. Louis, public health director Max Starkloff immediately took action to put doctors on high alert and closed businesses, schools and churches to slow the spread. It worked — a 2007 anal- ysis of the pandemic showed that St. Louis experienced a death rate that was one- eighth of that experienced by Philadelphia, due in large part by the concentrated social distancing efforts. Immediately after the virus began to spread in the U.S., many employers — including banks — began shifting employees to tele- working arrangements. But bank branches remained open, and bankers continue to serve their customers. Many are encourag - ing customers to take advantage of digital banking services. Some shifted to operating branches as drive-thru only. For branches that were still seeing foot traf- fic, “ the key is cleaning the right areas,” and cleaning them often, Marcozzi says. This includes “ any high-touch areas, any of your keyboards or anything that you touch, such as your phones. Those are all areas that need to make sure you're thinking about with regard to how you could be exposed.” The “new normal” for America's banks In addition to challenging Americans from a health perspective, COVID-19 is also challenging the U.S. economy in unprece - dented ways. But there is good news. “ Our