The Post-COVID Opportunity for Banks
With more than 50 percent of the world in lockdown of various forms, a nosedive in global trade, and a forecast 3.8 percent decline in GDP, the COVID-19 pandemic has brought an unprecedented halt to normal life. This has led to fundamental changes in behaviour both externally in terms of customer activity, and internally in how firms are able to engage and operate. These changes are here to stay across three dimensions of activity, and firms need to thoughtfully adapt in order to thrive.
COVID-19 has accelerated many trends that were already underway and it has proven technologies and approaches which were under-utilised. Ways of working will not return to the status quo ante; underlying profit and its drivers cannot. Businesses have to remodel and those who take time to review the myriad design options and their ramifications as a single, strategic review of the connected whole, will be those who emerge strongest from the crisis.