Our blog is dedicated to sharing our thoughts and expertise about the banking industry and how you can experience quantifiable results for your financial institution. We invite you to hear the perspectives from our banking professionals through our posts.
With the current economic environment and the impacts still being felt from the COVID-19 pandemic, many FIs are focusing inward and analyzing their efficiency as an institution. Increasing an institution’s efficiency results in three key outcomes: Enhanced Customer Experience. Efficient organizations offer a much better customer experience. Particularly on front-facing activities, customers prefer to resolve […]
During the pandemic, many FIs have been forced into a reactionary mode of addressing deferments, PPP loans, renewals, modifications, portfolio management and some new loans. All these issues have added to the dreaded “credit churn.” When the FI touches credit issues such as new analysis, DSC calculations or credit memos falling under the same borrower […]
COVID-19 and the changing economy have created uncertainty. While bankers have weathered many of the initial concerns, all are now wondering what the fallout will be and asking, “What’s next?” Preparation and looking ahead are the keys to minimizing potential loss and creating a successful future. One area that bankers should be digging into now […]
COVID-19 is presenting various pressures on financial institutions in 2020. The economic impact is unprecedented with borrowers–both consumer and business–struggling to make loan payments and survive during these uncertain times. How an FI responds with its credit underwriting and managing borrower loans and relationships will have a significant impact on credit quality and profitability for […]
There has been a large amount of information coming at us recently about how the banking industry is adapting to new challenges, including what’s happening in general with distribution channels and service delivery. However, distribution is not a “one size fits all” game. Each financial institution should have its own distribution strategy built on the markets […]
Dealing with the challenges of a global pandemic has led many financial institutions to make changes in their services and processes to address urgent customer needs. This ability to pivot, be flexible and facilitate easier customer interactions will surely be one of the silver linings to come out of COVID-19. When we emerge into the […]
As states begin to reopen and Round 2 of the Paycheck Protection Program (PPP) is wrapping up, financial institutions will return to pre-COVID operations. Or will they? At Profit Resources Inc., we believe the pandemic is providing a unique opportunity to review how financial institutions of all sizes operate and serve their communities, customers and employees. Here […]
During this difficult time, community financial institutions are set up for success because they tend to be relationship lenders. But how can we be proactive instead of reactive? This is an opportunity for community financial institutions to focus on customer relationships. If they haven’t already, lenders can review their portfolios now instead of later. We […]
A recent poll showed that two out of three economists are now projecting some type of recession or economic downturn in 2021. Although we know it’s going to come, nobody knows when. In the meantime, our clients are asking how they can best minimize the impact of a downturn to their loan portfolios. They’re asking, […]
