Covid-19 Today: Banks Left To Guess On Credit Decisions

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Some observers are predicting that the pandemic could wipe out more global wealth than the Financial Crisis of 2008. Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008. Yes, that’s right — our business started during a recession to help businesses scale with virtual assistants during a recession! Our first client in 2008 went from five to seventeen VPs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.” 


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Banks have pulled back sharply on lending to U.S. consumers during the COVID-19 coronavirus crisis. The main reason: They can no longer tell who exactly is creditworthy. With today’s economy in shambles, experts are trying to figure out what is going to happen to all of the debt that Americans have racked up during better times.  

"Banks don't know who is going to pay and who isn't. It's like flying blind into a credit storm"

- Michael Abbott, head of banking for North American at Accenture PLC

One of the keys to a thriving during a recession is to focus your time on finding out opportunities to thrive and survive during this uncertain time. Spend the next 90 days of quiet time for deeper planning and preparing.
The recession will eventually pass, and so when we come out of this thing, you will be the winner. Here’s a guide for thinking through all the things that you can do right now. Think through all the things missing or needs updating in your business.  

What are some of the biggest challenges you're solving for business right now?
  • What will the next crisis look like? Do you have enough cash resources? Be in the position that you don’t have to take out money to survive if it happens again.
  • Beg to think, “What comes out of this? “How is business going to work after this?”
  • “How do we come back to work? What’s the new normal like?"

You can grow your team even while cutting costs.
Our career-oriented VAs are the most reliable professionals to advance your remote operations, while saving you up to 70% on employment costsGet more efficient with your time + resources so that you can focus on the bigger picture  — closing more deals & outperforming the competition. The math is simple with an enormous ROI. You will reduce overhead and leverage remote operations. This tremendous cost-savings allow you & your local team to focus on dollar-productive activities with fewer distractions. What’s Included: No-sweat + thorough talent-matching process. FBI-grade background checks. Remote team productivity tracking software. Business strategy guides. Remote work action plans. Unparalleled customer service ... and much more!   

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It's time to maximize your productivity: Leverage virtual assistants!

Comments (3)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Real Estate Advocate

I can imagine that they are dealing with some unknown elements of this COVID, not to mention their failed "fractional banking" systems... it's a very crazy world of banking out there, today.

Jul 24, 2020 08:58 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Daniel, thank you for sharing very valuable report on Covid-19 impact on financial institutions.

Jul 24, 2020 09:05 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Aug 04, 2020 03:04 AM