Lending in this COVID-19 world
These tumultuous times uncover troubled loans, delivery gaps and growth opportunities.
Even amid all the uncertainties with the ongoing course of COVID-19 and the related recession, lending leaders should be seeking out ways to build business and improve the loan experience their credit unions offer.
Though challenges abound, with a downturn in credit quality and uneasy outlook for new loan demand and repayment of balances already on the books, this unparalleled upheaval has uncovered gaps in service delivery that can be corrected and potentially profitable market segments that may be tapped. Navigating this new territory will require lending executives to figure out when to maintain a judicious watchfulness and when to take action.
To Each Its Own
Each CU and its members will face a unique pace of economic lapse and eventual recovery. While some industries maintained full employment in the spring and summer, others were harder hit by job loss and saw a slower return to work. CUs with community charters supported members through starts and stops in local and regional reopenings.
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