COVID-19

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2022 Strategic Priorities: Brand Positioning

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The pandemic has impacted the way we think about our finances and our banking behaviors in a myriad of ways. For many of us, it has made us take stock in our lives our careers, even our financial situations. So, it should come as no surprise that we’re taking stock of our financial institutions, as well.

Considering so much change and consumer reflection, community banks and credit unions need to move toward a higher purpose when it comes to branding as customers, especially those in younger segments, have seen their world’s rocked and will be looking to corporations to step up because of a lack of faith in the performance of governments and other social institutions. Transparency is key, communicating who and what your FI supports.

Strategic Planning: What Happened During COVID

As Kierkegaard professed: “Life can only be understood backward; but it must be lived forwards.” This sentiment has never been more appropriate as you approach your strategic planning for 2022. The COVID-19 pandemic has had an impact on so many facets of the way we live and work and should provide a significant backdrop to your planning for the year ahead.

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Debt Reduction: Delivering Solutions to Meet the Need

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During the recession of 2008 – 2009, the financial impacts were many and were felt widely. As the current health crisis continues (and continues and continues…), individuals and businesses are feeling the pinch and their financial picture may look quite different than when 2020 began.

The needs of your customers – business and retail – are changing right now, and it’s essential for FIs to know what those needs are and proactively address them.

Channel Strategy: It's More than Just Better Digital

Let’s begin with an understatement: A lot has changed since March 2020. The way we live, work, and carry out our day-to-day activities has changed. Understandably, all industries have seen varying degrees of change.

Customer banking behaviors have changed out of necessity. As financial institutions were required to limit availability of branches, adoption of digital tools soared, and customers became less branch-dependent. Now that branches are increasing their capacity for in-person visits, traffic has yet to return to pre-March levels.

Growing Revenue in Today’s Environment

So much has changed over the past several months that while revenue growth has likely always been a priority for your organization, the greatest opportunities for growth may look considerably different as a result of the effects of the COVID-19 crisis. As you start to make strategic plans for 2021, consider maximizing new opportunities by meeting unique consumer and business needs that have emerged in the past six months. The climate looks different now because of COVID-19, and so should your planning.

Credit Management: How Your Community FI Should Respond

As you begin planning for 2021 and beyond, it’s crucial to recognize the impact that COVID-19 and the resulting financial impact will have on lending and plan accordingly.

The recession period of 2008 – 2009 affected millions of people and its impacts were felt in many ways. By December 2009, the unemployment rate was 10% and median family net worth dropped 40% to $84,000. During this recession, we also saw 8 million foreclosures, more than 68,000 bankruptcies, small business loans drop 70%, and the number of credit unions and banks decline from 2006 – 2008 (5.3% and 9.3%, respectively).