Pub. 17 2020 Issue 3

8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S WASHINGTON UPDATE ROB NICHOLS, PRESIDENT AND CEO American Bankers Association T he pandemic has forced many lessons on us, not the least of which is the importance of being prepared. I don’t mean being-well-stocked-on-toilet- paper prepared. I mean having the ability and resources to survive an uncertain and even perilous period. For businesses, that requires having a well-crafted and tested business continuity plan. For households, the most important preparedness tool may be a well-funded savings account. Those who may not have fully appreciated this before COVID-19 certainly understand it now. A Bank Rate survey this summer found that Americans’ top financial regret is not having enough emergency savings to withstand the crisis, followed closely by not having enough retirement savings. This presents a significant opportunity for banks, which can — and should — help PERSONAL FINANCE FOR THE PANDEMIC ERA: WHY BANKERS SHOULD DELIVER FIN ED LESSONS TODAY Teach Children to Save lessons went virtual in April, and Get Smart About Credit, our fall program, has also been adjusted to include new resources and notes for delivering effective virtual presentations, as well as new modules around saving for the unexpected. Visit our website at: www.nmbankers.com