The world has changed in a way and at a speed we have never seen. We have never been here before. We don’t really know what’s ahead of us though it appears that for the next 3–4 months there will be significant health and economic impacts across our communities globally.
It was Machiavelli who wrote, “Never waste the opportunity offered by a good crisis.” Machiavelli, understood that crises shake people out of their complacency, create opportunities to challenge conventional wisdom and give leaders some room to take on vested interests and achieve transformative change. Mckinsey’s article on the subject goes to length about how those that reshuffle their resources during such times and are customer focussed are the ones that win. Boards and executive teams that panic or freeze will fail.
It is certainly a time to stand up. With increasing number of folk working from home, feeling vulnerable and isolated it’s a very good time to provide connection, demonstrate leadership and act in a way that is different and stands out.
Whilst difficult to compare, the economic impact will hurt more people than the health impact. A lot of people are very financially vulnerable. Health, Wellness and Transport are but a few industries where WFH isn’t a thing. Many are being let go as bums leave and the seats go cold. Where these bums are carrying debt, they will quickly fall into arrears and be signaled for foreclosure. Following recent royal commissions in the banking sector the spotlight will be on all lenders as to how they respond during this time, how they calculate risk and the timing and velocity of the recovery. Yes, there will be one, yet like the GFC there will be significant wheat and chaff sorting.
Many will retreat and focus on their efficiencies alone, attempting to squeeze more out of the current way of doing things. Like Jared Kushner, exposed in Netflix’s ‘Dirty Money’ series, many will say, its just business as they prepare to profit from the arrival of some very cheap assets very soon.
But there is opportunity to be different and excel. Structuring programs and products around these very difficult issues in a way that connects communities, demonstrates leadership and are authentically focused on customer success is the path. Such programs will be born by those who challenge the status quo on how to deal with the crisis, take on vested interests, achieve transformative change. They will lead with impact and harvest the opportunity offered.
At Moroku we are entirely committed to delivering a banking model based on customer success. Now more than ever we believe the time is perfect.