Measuring 2020 success in a meaningful way
To make the most of the pandemic experience, it’s important to acknowledge and quantify last year’s successes
Most boards and management teams are extremely proud of what they were able to accomplish in 2020, and rightly so. Until COVID-19, the rapid reactions and quick pivots the pandemic required had rarely been experienced. It is important to acknowledge and quantify those successes so they aren’t relegated to mere anecdotes in the future.
Traditional metrics were less of a focus for most in 2020—loan growth, deposit growth and ROA targets became far less relevant. Some did reset their targets mid-year, but even organizations that did found that their primary focus was elsewhere, especially in the second and third quarter. When asked what 2020 success looked like, the most common answers were:
- We helped our customers when they needed it. We waived fees, deferred payments (often without a difficult burden of proof) and worked individually with many to help them weather their financial storms.
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