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COVID-19: A perspective for Banking

COVID-19: A perspective for Banking

Paula Smith, Partner and Head of Banking discusses the impact of COVID-19 on the banking sector.

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“Banks are in a unique position”

In our video, Paula Smith, Partner and Head of Banking, provides her insights on the impact of COVID-19 on the banks – the main conduit for getting fiscal relief from the government to the wider economy.

Banks are under pressure to help get funding to where it’s needed. To achieve that, they’ve designed and built new processes, in just a matter of days. They’ve also had to cope with unprecedented volumes of customer interactions.

“Speed is clearly of the essence.”

While speed to market is essential, it’s also important to maintain a robust conduct and decision-making framework – and focus on good outcomes for the customer and the economy. Decisions made now will have a far-reaching impact.

“The emphasis on moving towards a more digital environment will increase.”

In the future, commercial, financial and operational resilience will be centre stage for both the banks and the regulators. There will also be an even greater emphasis on moving to a more digital banking environment. 

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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