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Adapting to the New Normal, Part 1: A Response to COVID-19

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8 August 2020
Eiichiro Yanagawa

Impact of the Pandemic on FIs’ IT Plans in Japan/ APAC

Abstract

To better understand the impact of the COVID-19 pandemic and the financial implications for Japan and the Asia-Pacific region, Celent continues to conduct online surveys and interviews that target financial institutions and IT vendors.

This two-part series is based on two surveys conducted in April 2020: the first interview was titled “COVID-19 Impact on the Financial Industry in Japan and APAC Survey”; the second was titled “COVID-19 Impact on IT Plan | I&I Day Poll April 2020.” We will analyze the results of the surveys, offering insights and recommendations on how to respond to the initial stages of this crisis.

Part 1 examines the initial response to the pandemic and the status of new IT development.

It is fair to say that financial institutions have with this technology largely succeeded with stopgap measures in the initial drive to adapt to the new normal of the “After COVID-19” (AC) world. Celent released the results of its global survey at a digital event in April. Of course, financial services depend to a large extent on country-specific regulations, business practices, and consumer behavior. Likewise, the impact of the COVID pandemic and its effect on financial technology will vary by region and depending on how the pandemic plays out in different places.

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