Innovation Goes Viral

Innovation Goes Viral

LETTER FROM THE PUBLISHER

VINCENT M. VALVO Publisher & CEO

Banks and credit unions across the region have been in full-on innovation mode now for months. If ever there was a time that tried an organization’s strategic planning committee, this is surely it.

Redesigning branches, rethinking customer marketing, creating new employee plans, adding a huge new “plexiglass” line item to the budget, bolstering on-line app experiences are all a start. But then leaders also need to be looking at overall economic issues. What will the effects of the COVID-19 virus do to the small business base? Will an explosion of layoffs tank loan repayments? Does the bank’s branch network now make sense? Will foreclosures spike as unemployment benefits dissipate?

The banking community is often pilloried by those who rail against financial inequity. But community banks and credit unions are critical pillars of economic stability and aid in times of crises. And our communities are undoubtedly in crisis now.

It’s important for consumers and businesses to see that their banking institutions are sound, that capital remains available, and that there are people willing to sit down and talk through finance with those who are fearful.

So maybe, while bankers work diligently to keep their institutions relevant and safe, available and accessible, they should also take a moment to step back and think about all they are doing to help their neighbors, friends, colleagues and co-workers make it through this pandemic. While few take the time to thank their banker, they can thank their stars that their banker is there for them.

AND ONE SMALL NOTE

While appreciating the efforts of our community banks and CUs, we should also all take note of the herculean work our local Small Business Administration officials have done throughout the whole Paycheck Protection Program. The SBA processed more loans in one week than it usually does in a year, and local contacts were there with daily communications, personal help and even admission when they didn’t have clear news, simply by saying so. A multibillion-dollar loan program rolled out in short order was going to have problems. Having our local SBA contacts help us through was a tremendous aid.

VINCENT M. VALVO Publisher & CEO