These scenarios have already begun to happen in different regions across the nation. Now is the time to prepare a defensive Y2K strategy. One thing that is certain about the Y2K computer problem is that as the public's level of awareness about the Year 2000 computer problem increases, their questions will get tougher. Y2K questions will offer you and your institution legal protection as well as provide your customers with a sense of confidence in the institution. Brainstorm with your management team to forecast customer Y2K questions.
Institutions can anticipate slightly different questions based on marketplace and customer base.
If your market is primarily made up of senior citizens, your institution should anticipate a different level of questions than an institution whose market is a high-tech community in the silicon valley or in a university town. Regardless of the makeup of your customer base, do not assume that they completely understand the Year 2000 computer problem and its ramifications on the financial industry. Once you have identified the types of questions that your FI anticipates, begin to think through your answers and approach. Factor in the institution's size, market, complexity of computerized systems, dependence on third parties, and most importantly the comfort level of your Directors and Officers before developing the answers to the types of Y2K questions that you anticipate. Additionally, regulators expect that FI's will not disclose the results of their examination reports or imply that the institution's Y2K readiness has been approved or certified by the examiners.