Rochdale Paragon CEO Tony Ferris lends his thoughts on how financial institutions will navigate this crisis while supporting their customers.
In an article written on March 19 by the Kansas City Business Journal, Ferris shares with us current and future market trends aimed at supporting both consumers and financial institutions in light of the Coronavirus crisis. From Ferris’ vantage point, credit unions, like the ones Rochdale Paragon serves, are positioned better than other financial institutions to weather the conditions present in today’s marketplace, but still need to be aware of the balancing act it will require to manage both regulatory requirements and member needs. Credit unions were born from a desire to help local communities in times of crisis and a concern for the public’s well-being – it’s literally written in their DNA to prioritize people over profits. Because a credit union’s values and missions are a driving force behind everything from their P&L statements to their customer service, it doesn’t require a huge pivot to serve their members grappling with the uncertainties our society faces today. But they’ll need to proceed in a way that won’t cause serious ramifications long-term.
Ferris, who has a background in the financial services sector as VP for member relations at US Central, a wholesale financial center for the nation’s corporate credit unions, and before that spent nine years with the Federal Reserve Bank of Kansas City, has a unique perspective on this crisis and how financial institutions of all kinds can balance consumer need with organizational sustainability.
Read more via the Kansas City Business Journal here.