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COVID-19: Resilience and Rebound in the Face of Crisis

 

Joanne De Palma

Senior Risk Advisor, Chief Risk Officer Initiative, Banking, Financial Services, and Insurance, TCS

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Preparing for post COVID resilience and recovery in financial services

The COVID crisis has profoundly impacted various sectors of the economy including business, technology, and people. As the virus spread, enterprises including financial institutions focused on business continuity management and employee safety even as they scrambled to develop the necessary business resilience to adapt to the new reality. Enabling seamless connectivity for remote working and preventing cyber-crime emerged as imperatives. With financial institutions having successfully traversed the immediate crisis phase, developing business resilience to future-proof against such crises and driving economic recovery are now in the spotlight.

To build resilience and thrive in the post COVID world, banks will need to ensure:

  • Strong leadership and effective communication

  • Employee safety and wellbeing

  • Agile processes and resilient partners

  • Tailored offerings

  • Working capital, liquidity, and cash flow to facilitate uninterrupted operations for business customers

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