Banks are feeling the hurt like everyone else and they need to operate in a new reality; many have started to close branches and tell borrowers that they can delay payments on loans to allow them the room to use cash in the short term; Cornerstone Advisors President Steve Williams has come up with a three point plan for banks to implement; stabilize operations and make sure you have a central command center that can handle the problems that will most certainly come up; situate by re-forecasting models, enhance credit risk indicators and develop a plan to work with vendors and partners in a new way; execute and expand strategic planning well into 2021 and further expand digital banking capabilities as they are more important now than ever before; planning for various scenarios will also better prepare the bank the get through the crisis because there will be many twists and turns along the way. Forbes
