Of all the sectors that have had to quickly adapt to the new requirements and restrictions because of the COVID-19 pandemic, the banking industry is one of the ones that stand out the most. In record time, it has had to transform into a completely remote service and use operational models that hadn’t previously been fully tested. If we take a glance back, it could almost seem miraculous how banks have managed to attend to customers, suppliers and employees, maintain high rates of productivity and calm the markets amongst the general chaos.
Aside from the usual empty statements, three words that have kept cropping up, again and again, are technology, agility and resilience. This is where the sector’s focus has been, and the certain success that this whole process has had cannot now give way to conformity or inaction. This has been just the first of many steps that will help to sustain and strengthen the banking sector, even if we start to move back towards normality with the aid of vaccinations and increasingly more accurate, fast, reliable and accessible tests.
The economic consequences of the pandemic won’t disappear overnight, and if any sector is called upon to address them, it’s the banking sector. There are some sharp corners up ahead and numerous challenges to face, even if, despite everything, some figures could be in fact better than during the financial collapse of 2008-2010. To address these questions, we have reviewed a detailed report from Deloitte, and as we often do at GDS Modellica, we’ve compiled some of the key figures in an infographic.
Unlike previous crises, the COVID-19 crisis is not a banking crisis. It’s a crisis of
Press Release Madrid, 18th Jan 2021 Financial, liquidity and economic problems, unexpected incidents, poor management,