Editor's note:Whitney Bartelli is the president of Bank Midwest and serves as executive vice president and chief marketing officer of NBH Bank. Patrick Sobers is the president of Community Banks of Colorado and serves as executive vice president of corporate and consumer banking at NBH Bank. The views expressed in this article are those of the authors.

As the threat of the coronavirus spreads, markets have reacted sharply, and public health officials and elected officials are on high alert. With alarming headlines filling screens daily, the bad news seems endless.

If there is a silver lining, it is that the current financial system is far more robust than it was before the 2008 crisis.

Nevertheless, the coronavirus remains a serious external threat that could keep markets volatile for a considerable period, whichincreases the likelihood of a global recession. At the same time, it could put pressure on certain parts of the financial system and expose weaknesses that might otherwise have been hidden.

Reassuring customers is urgent

Customers' anxiety is understandable; they want to know whether they can continue to conduct online banking smoothly as physical contact and public gatherings become increasingly restricted.

When people's jobs and small businesses are affected by travel disruptions, canceled events, and reduced store traffic, they need assurance that banks can support them with loan planning and repayment.

At such times, people's first concern is the safety of their funds. The answer is yes—as long as your funds are held inFDIC-insuredand well-capitalized financial institutions.

The U.S. banking system offers the safety and soundness that many people crave in uncertain times. Banks vary in their ability to withstand market volatility, so it is wise to understand the financial condition of your bank.

On the flip side of the current turmoil, mortgage rates have been pushed to historic lows, creating excellent opportunities for people to refinance their homes.

But in this regard, banks with solid capital and a focus on personalized customer relationships are more valuable. Such institutions provide advice based on your long-term interests, rather than acting like a "loan factory" that does not consider your personal circumstances and goals. Refinancing involves significant upfront costs, so it is not suitable for everyone.

Differentiating from fintech companies

This "black swan" scenario could be a major test for fintech companies that haveemergedover the past decade and have not yet experienced truly difficult times.

Businesses will do everything they can to stay operational. If you are a small business owner seeking a loan, a bank that understands your situation and looks out for your best interests will serve you better—even if that sometimes means saying no. The U.S. Small Business Administration (SBA) is also evaluating relief programs and will work with banks and small businesses to provide support.

Fintech companies, which often originate loans in high volume with insufficient due diligence, will face stress tests. Their models could lead to businesses receiving loans they should not have, creating risks for both them and their borrowers.

Banks with a deeper understanding of individual customers can assess the potential business impact of events like the coronavirus and propose appropriate alternatives. In a public health crisis, we need banking that is socially responsible, not just focused on meeting loan origination targets.

Ensure foundational services are solid

The safety and health of customers and employees should be the top priority of every institution, which may mean limiting access to branch lobbies.

Currently, most financial institutions already have basic services such as bill payment, remote check deposit, drive-through services, and ATMs that go beyond cash withdrawals. But the quality and capability of the online experience vary greatly.

This could be a vulnerability for older adults—they have been slower to adopt mobile and online banking, and they are also at the highest risk from the coronavirus.

A Federal Reserve2016 studyfound that 18% of older adults use mobile banking, compared with 67% of millennials. Banks should take extra steps to educate and help older customers use the digital tools they need—if they have not already done so.

The value of human service also applies to customers who worry about being unable to repay debts in a weak economy. With fintech companies or large national banks, the option to speak with a real person may be limited to call center employees in the Philippines or India—or may not exist at all.

Human contact does not necessarily mean face-to-face interaction. As face-to-face meetings and gatherings decrease in the coming months, the best banks will still take extra steps, using different communication tools to address customer concerns and help them adapt to a changing world.

The coronavirus will test banks' progress in digital services—services that customers have been demanding and that reduce the need for physical interaction.

Customer service and sensitivity will distinguish community banks at this critical moment.