Lessons Learned from Financial Institutions’ 2020 Challenges
Finance leaders at many banks, credit unions, and other financial services institutions said their organizations were not prepared for the level of disruption brought on by the COVID-19 crisis in 2020. Almost no one was, but financial institutions seem to have a harder time bouncing back than some other industries, as more than half expected to miss their 2020 profitability goals, and 51% expect profitability to decline or remain flat this year.