Rutger Responds: Importance of Actionable Insights in Uncertain Times
The COVID-19 virus is spreading and everyone is looking to understand how this will impact their business and their customer’s lives.
As things change in a rapid pace, and will continue to change over the foreseeable future, having access to market insights will help your financial institution to make crucial decisions.
As we are in uncertain times, when making decisions about lending and rate strategies it is critically important to understand how your business is positioned in the industry. Taking on too much risk or not pricing correctly can impact your business results in a time when performance is going to be under pressure. Many of your customer’s cash flow and income will be burdened and they will urgently need loans. It is imperative you can provide what they need or your business risks abandoning customers who will look to your organization for help and direction in these challenging times.
With the coronavirus impacting many small businesses and consumers and their incomes, we expect unsecured and small business lending to go up. We also expect mortgage and home equity lending to increase with reduction in the Fed Funds Rate and historically low mortgage rates.
Now, more than ever, you need actionable insights to understand where the market is moving and how your financial institution compares so that you can make data driven and timely decisions. Both investors and your customers will be watching closely how your organization responds to this pandemic.
We can help you now with actionable industry insights so that you can start making the right decisions in this rapidly changing environment and help you help your customers in their time of need.
To learn more about our solutions and how we can help your business, please email me here.