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For many people, 2020 has been a crash course in risk tolerance. From the pandemic, to the economic downturn, to the presidential election – it has been an eventful year. Throw in the wildfires, school closures and killer bees and it is easy to see how our lives, and corresponding planning and anxiety for the future, have changed as well.
Banks and credit unions looking to plan for success in 2021 have new variables to throw into the mix. While some say the pandemic has only sped up trends already taking place in our industry—remote work, digital transformation, and compressing margins, to name a few—its safe to say no one had “pandemic planning” on their list in 2020. So, what can the past year teach us to better prepare our businesses in 2021?