How to seize advantages during an economic downturn

If you look at current economic downturn data and projections for too long, you’ll get depressed quickly.

McKinsey & Company is projecting it will take most business sectors more than five years to get back to their 2019 GDP levels. Bancography recently said “Banks and credit unions should understand and accept the disruption will not be temporary. There is no ‘light switch’ that will instantly restart the economy at the point where we entered the crisis.” And on a recent call with large credit unions Steve Rick, chief economist for CUNA Mutual, noted that a double-dip recession is a distinct possibility.

So what approach should your credit union or community bank take as we close out 2020 and prepare for an uncertain 2021? Rather than panicking or pausing, you must be proactive.

There are actually hidden opportunities for your credit union or community bank during the current economic situation.


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