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Our reality has changed tremendously in the last several weeks...
Seemingly overnight, the coronavirus has reduced cash flow for over 15 million people to nothing. Companies are centered on providing new levels of customer service while rethinking customer treatment strategies and outcomes. How you orchestrate and support your customers, working together through this uncertain time, will define your portfolio stability for years to come.
You can execute blanket actions or leverage analytic insight and digital support to service your portfolio and originate new loans.
Companies we’ve spoken with are actively thinking about the next 60 -90 days to work out plans for the months ahead because no one knows how fast the economy will come back or when this pandemic will end.
Because here’s the thing…
Black swan events are characteristically extreme and rare. COVID-19’s impact is severe and widespread. Some will say, in hindsight, we should have seen it coming. Maybe, in February, but not really. Who among us believed that there could be a catastrophic event across this country that resulted in 20-30% of the population being out of work virtually overnight?
And that the whole world would be impacted at once? Yet every lender and others are finding it is necessary to invoke an action plan to work through it successfully and efficiently.
When you go out of your way to help your customers when they need it the most... You’re going to create something that helps, and that's going to be remembered when all this is over.
Black Swans cannot be predicted. We can’t forecast the future, but we can plan how we will adapt to the outcomes and events.
Lynda Woodward, Sr. Director, Analytic Ventures
Ken Kertz, VP Transportation Segment