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KPMG Australia met with Financial Services leaders to understand the common challenges they were facing due to COVID-19. From this, we have identified the opportunities that exist to thrive in the new reality.

The financial services industry will forever be transformed by the Great Lockdown of 2020-2X – the effects of which are likely to be compared with those of the Great Depression and the Great Recession.

Since March, we have met with over 50 Financial Services (FS) executive teams – over 250 individual executives – to understand how this crisis is unfolding for their businesses, the challenges being faced by leaders and how they are pivoting to respond.

Whilst these firms have been primarily preoccupied with remaining resilient in the face of the crisis, we have also observed a determination to harness the opportunities presented by this pandemic as catalysts for enduring change.

Across our 50+ COVID-19 executive sessions, we have observed 10 consistent priorities which are driving how leadership teams preparing to thrive in the new reality.

At KPMG Australia, our network of financial services professionals is committed to playing a positive and thought-provoking role in the discourse around what the new reality for our industry looks like. In this series we will explore the 10 common priorities we have observed, highlight the opportunities that exist, and provide practical recommendations for seizing them.

 

10 priorities for financial services leaders