4 strategies to thrive in a wonky economy
Even though “wonky” may not be a word you use every day, it’s one of those words that can really sum up a scenario. While “wonkonomy” [wonky + economy] may not be the most official economic term, we argue that the recent economy has felt wonky post-pandemic. Between inflation, a liquidity crisis, skyrocketing interest rates, and geopolitical unrest, the economy has felt anything but stable.
Two of the biggest challenges banks and credit unions are facing in our current economy are:
- getting more deposits and,
- diversifying and increasing loan portfolios.
The lack of liquidity assets make lending more difficult for financial institutions. While we don’t know how long we’ll be on this economic teeter-totter (Months? Years?), the right strategy for your institution can increase your deposits and loan volume to help get you through and to the other side. Here are four strategic opportunities you can use to help ride out this wonky economy.
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