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Economic Revival

white paper

 

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
Hari Krishna Prasad G

Lead, Banking Industry Advisory Group, Banking, Financial Services and Insurance, TCS

Srinivasa Kumar Yerchuru

Head, Industry Advisory Group, Banking, Financial Services and Insurance, TCS

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