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Sunday, April 30, 2017

Water Damage in Banks and Financial Institutes - part 1

By the RestorationSOS Educational Staff

Banks and financial institutes are critical facilities to a country’s economy, both in a local and national level, and threats to their infrastructure could be paralyzing to the individuals or the area they serve. Water intrusion in a banking facility creates several risks to cash reserves, information security and data processing.

A water-damaged bank faces potential loss of data and damage to computer software and hardware that are critical to the availability of banking services. Customer valuables that are kept in the bank’s safety deposit boxes could also be put at risk during water damage emergencies.

If case of a disastrous flood in a bank, many people will need financial help and a water-damaged bank may not be able to provide services such as loans, new accounts, etc. In addition, if their onsite ATMs were also water-damaged, the machines will certainly be out of service, adding to customer concern.

Customers would have to go to other available branches for their banking needs. Aside from customers, employees could be inconvenienced, too. If a bank sustains significant water damage, the employees of the bank would most likely be assigned temporarily to other branches.

Consequences

From the risks described above, it can be concluded that water damage in a bank can have far-reaching consequences. It impacts not just the bank itself but can also affect the personal lives and businesses of clients.

The immediate consequence of water damage is obvious – damage to the bank’s physical structure from the flooring and walls, to office furniture, computers and other equipment that may be permanently damaged and would have to be replaced. Consequently, property damage could disrupt the bank’s operations leading to customer inconvenience.

Additionally, the negative impact of water damage affects not only the physical aspects of the bank but could also affect its business image if it fails to meet customers’ needs because of the incident. Owing to the important role of banks in a community, they are expected to have efficient and sound action plans in the event of water damage no matter how disastrous it may be. If such a plan is lacking, the customers and the public at large will ultimately lose confidence in the bank.

Recommended Reading:
Water Damage in Banks and Financial Institutes - part 2

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