How important is the role of the financial institutions during this pandemic?
Answers
Answer:
Financial institutions can help offset the anticipated economic effects of the pandemic through continued lending to businesses and consumers, helping to spur economic activity and extending support for those in need.
Answer:
COVID-19 is creating disruption across the world, bringing unprecedented change to daily routines, local infrastructure and the global economy. While some industries have been highly vulnerable to the resulting economic shifts, financial institutions play a key role in helping our economy and communities get through the current turmoil and prepare for a strong return.
Banks and credit unions have the opportunity to help stabilize the economy, enable continued commerce, keep small businesses afloat and provide needed support for people struggling with lost income.
By serving as leaders in a dynamic and uncertain time, financial institutions are not only doing the right thing, they're also creating a stronger future for themselves and their communities. How banks and credit unions act now has the potential to determine their place in local communities in the coming decade.
From immediate actions that focus on keeping their businesses running smoothly to mid- and long-term plans for helping staff, customers and members navigate the ever-shifting complexities of this new environment