Shifting Priorities During Times of Rapid Change
The rapid spread of the coronavirus pandemic has suddenly thrust unexpected items to the top of bankers’ priority lists, while others are being pushed down, at least temporarily. As leaders reassess and reprioritize, one thing is clear: the need to develop new ways to do business only increases during times of massive change.
The Alloy Labs Alliance has been working with the American Bankers Association to share some of the experiences and leading-edge thinking coming from some of the most innovative banks in the industry as they respond to the pandemic and start to plan for what the ‘new normal’ might look like on the other side.
This week we held the first of a series of interactive video panel discussions to help leaders guide their banks through these uncertain times by sharing some of the lessons learned and best practices developed. This first session focused on effective rapid response in the early stages of the quickly developing coronavirus crisis, where clarity and certainty are desired, but hard to come by as leaders try to create some semblance of order out of chaos.
We also polled participants on what they perceived the biggest impacts on customers and employees, now and looking out over the next 30 days. This is part of ongoing industry surveys we have been conducting to help bankers quickly adapt to changing circumstances and work to proactively address the most likely developing issues. While most banks are consumed with responding to Payroll Protection Program SBA loans, a strong plurality of respondents say that financial difficulties making existing loan payments is the biggest customer impact today (43%), and in the near future (69%).
You can add your own data here, and explore the visualization of this and other survey data on the Alloy Labs Pandemic Response page. There you can also learn more about our upcoming video panels and register to join.