Covid -19 has impacted the world like no other situation since at least World War II. In financial terms, it poses the biggest danger to the global economy since the 2008 financial crisis. In pandemic terms it is still nothing compared to the Spanish Flu epidemic which lasted from 1918 to 1920 (exactly 100 years ago) which killed from between 17 million to 100 million people. The difference is that with covid-19 we are not dealing with history but a very real existential and vastly unknown threat.
These are times when almost every business is challenged. As Lenders you have your own set of challenges. Some may be easy to overcome. Others may cause you to find solutions to work around. And, some challenges might be things you have to live with for the moment. However, it’s not a time to be negative in one’s thinking but as in a wartime situation, it’s an opportunity to get creative and adapt to the forced change that is upon us. Welcome to the new-normal.
At Insight, here’s our most recent insight to the lending industry. Based on what our clients, and a broad section of the lending industry are telling us, here are the most common challenges that the industry is facing:
INSIGHT CONSULTANTS:
We are prime consultants to the LENDING WORLD operating out of the US and India.
Whichever of the above 3 categories you fall into, we don’t want to sell you anything because we have nothing to sell. We seek engagement. Engagement builds relationships, relationships build trust, trust listens and creates solutions, solutions solve your problems and the problems of your customers. That’s when you become our customer we serve. We’d love to hear from you in order to create a safer world for all of us.
