As an insurance executive, you understand the importance of being prepared for unexpected events. However, when it comes to online banking outages, it can be difficult to anticipate the impact on your customers and your business. The recent ANZ online banking and app outage serves as a reminder that these events can happen at any time, and it’s crucial to have a plan in place to minimize the impact. In this guide, we’ll provide you with five steps to help you prepare for and respond to online banking outages.

Step 1: Monitor the Situation

The first step in preparing for an online banking outage is to monitor the situation closely. Keep an eye on social media, news outlets, and your own customer service channels to stay informed about the extent of the outage and its impact on your customers. This will help you make informed decisions about how to respond and communicate with your customers.

Step 2: Communicate with Customers

During an online banking outage, communication is key. Be transparent with your customers about the situation and provide regular updates on the status of the outage and when you expect it to be resolved. Use multiple channels to communicate, including social media, email, and SMS, to ensure that your customers are informed and have alternative options for accessing their accounts.

Step 3: Provide Alternative Options

When online banking is unavailable, it’s important to provide alternative options for your customers to access their accounts. This could include phone banking, ATMs, and EFTPOS facilities, as ANZ did during their recent outage. Make sure your customers are aware of these options and provide clear instructions on how to use them.

Step 4: Review Your Insurance Coverage

Online banking outages can have a significant impact on your business, including lost revenue and reputational damage. Review your insurance coverage to ensure that you have adequate protection in place for these types of events. Consider parametric insurance, which uses real-time data to trigger payouts when specific events occur, such as online banking outages.

Step 5: Partner with Riskwolf

Partnering with Riskwolf can help you prepare for and respond to online banking outages. Our unique real-time data and dynamic risk modeling enable insurers to build and operate parametric insurance at scale. With Riskwolf, you can turn real-time data into insurance and protect your business from the financial impact of online banking outages.

In conclusion, online banking outages can have a significant impact on your customers and your business. By following these five steps, you can minimize the impact of these events and ensure that your customers have alternative options for accessing their accounts. Don’t take chances with your business’s financial security. Partner with Riskwolf today to build and operate parametric insurance at scale.

Read more about the recent ANZ online banking and app outage here.