WASHINGTON, DC – It appears that almost every sector of the American economy took a financial hit during the near-nationwide shutdown due to COVID-19. According to the American Bankers Association, the impact has been felt by the banking sector as well. Quoting a Crowe survey on business challenges, 70 percent of respondents expect a revenue decline in 2020 and 14 percent expect a severe decrease in revenue. Though the future is uncertain, 40 percent of bankers expect challenges to continue through 2021 and beyond. Some of the major challenges banks are dealing with are employee health and safety, decreasing revenues, and the cost and management of adapting to regulatory changes.
(SOURCE: American Bankers Association)