The Novel Coronavirus (COVID- 19) was declared a global pandemic by the World Health Organization (WHO) on 11 March 2020; its rapid spread is causing severe disruption to society around the world. In addition to the human impact, a significant commercial impact is being felt globally. As viruses know no borders, the impacts will continue to spread. In fact, 94 percent of the Fortune 1000 are already seeing COVID-19 disruptions. Banks are massively called upon to support the businesses and persons amid high uncertainties.
The following insights and guidance can help banks to gain perspective and better understand evolving business implications as they occur. We have seen immediate response (Reaction) to the crisis mostly already across geographies. This response focused on mobilizing workforces in a new work environment, implementing business continuity planning, managing financial market volatility and organizing support schemes to their customers. Our perspectives shift towards managing through the uncertainty (Resilience), identifying opportunities to Recover and adapting yourself to a currently unknown New Reality. We offer a series of insights in the key challenges faced, thereby we currently focus on Resilience across seven themes.
Though there will be challenges ahead, there will also be opportunities. Working together, the banking industry will weather this storm.