Heralding Post COVID Economic Revival through Resilience and Value Leadership
Drive economic revival by building resilient models and delivering value
The global financial services industry has withstood the COVID-19 crisis without major service disruptions. However, the impact of COVID-19 on banks has exposed several gaps in business and operating models. Even as banks scramble to deal with the adverse fallout on their business and operations, they will need to play a key role in facilitating economic recovery and growth. In defining banks’ response to the COVID-19 crisis, the focus must be on drawing up a strategy built on the three pillars of resilience, value leadership and growth to drive fundamental transformation and future-proof to weather such storms, going forward.
To address the COVID-19 impact on banking, overcome challenges created by the crisis, and emerge stronger, financial institutions must:
- Speed up digitalization programs across customer touchpoints and service channels
- Identify beyond-banking value spaces and opportunities for ecosystem play
- Identify new growth opportunities in turn driving economic recovery
- Recalibrate business models to evolve into resilient and adaptable entities