How Financial Institutions
Can Prepare for a Recession
FOR PROACTIVE MITIGATION
In the face of a shifting financial landscape amid digital banking transformation and a fluid status quo, FIs must clarify what is strategically important. Deploying proactive, tactical investments during a recession helps maintain a competitive edge. According to James Bickerton, HSBC Global Head of Client Development, “to the extent you can start that journey now, there can be more effective levers to pull when times are more challenging.”*
No one comes through a recession unscathed, but history teaches us that the best banks dramatically outperform the worst and set themselves up for greater success when the cycle turns again.
McKinsey & Co.*
See how choosing the right partner and embracing technology, data intelligence and automation can help FIs mitigate the adverse effects of a recession.
Zoot’s Guide includes tips to:
- manage risk with advanced data analytics
- invest in human capital
- prioritize collections and recovery technology
- optimize the customer experience while reducing charge-offs
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