COVID-19 has dramatically reshaped the world in which we live, with tumultuous economic and financial effects running alongside the public health emergency. At the height of the outbreak, banks across the globe played a fundamentally important role, supporting businesses and families by administering government-backed loans, providing additional liquidity and rapidly installing forbearance measures.
In many ways, trust in banks is at an all-time high. Customers and businesses view them in a new and positive light. The key now is to retain those gains and build on them as we move through what KPMG describes as the 4 phase framework: from reaction, to building resilience, followed by recovery, and then arrival in a new reality.
Multiple challenges abound. Difficult economic times lie ahead, customer defaults could rise and banks’ balance sheets and profitability face a squeeze. But for those that reimagine their operations, harness an increasingly digital economy, and manage their costs and risks, opportunities for growth could also be on offer.
In this series of both written and video materials, we discuss six macro trends that will be pivotal to banks’ future success. KPMG experts from across our global network bring their insights into how banks can thrive in uncertain times.
Click on any of the thumbnails below for a window onto the complex set of dynamics facing banks today as they ready themselves for life in the new reality.