Unease about the future of lending is cause for action, not hesitation.
Circumstances surrounding economic uncertainties might seem familiar to those who lived through the 2008 recession or experienced an initial sense of impending doom at the onset of the COVID-19 pandemic in early 2020.
While stimulus and relief packages lessened impacts on banks during the 2008 recession and the pandemic, similar safety nets are not guaranteed for future disruptions. Lending organizations that expect the same stimulus and relief packages could find themselves at a disadvantage. The ball is in lenders’ courts, and what lending organizations do with it could greatly affect their performance during a recovery.