Unlike 2008-2009, when banks were blamed for playing a lead role in the recession, customers are seeing community banks as part of the solution to the current crisis. A recent JD Power study highlights that 67% of people are satisfied with their bank’s response to the COVID-19 crisis and appreciate the efforts taken to support customers and local communities that are struggling. It’s crucial for financial institutions to leverage this positive perception and to continue the emphasis on raising brand awareness as you focus on your strategic plan for 2021.
Prioritizing Strategic Planning
You’re probably already aware that the 2020-21 strategic cycle will prove to be the most important in more than a decade. Banking – and the world at large – has seen tremendous change because of the COVID-19 global health crisis. Customer behaviors are shifting, as are their needs and expectations. The economy is uncertain. Financial institutions are feeling the earnings pressure and organizations must be agile to address and face these challenges in the months and year ahead. It could mean the difference between success or merely surviving.