As the global economy heads into recession, future business conditions for financial service providers remain extremely volatile. Banks and insurers are playing an essential role in helping small and large businesses with their cashflow, and play a frontline role in delivering governmental rescue programs. In parallel, they are struck by staff absences in times when customer queries and vulnerabilities are at peak levels, having to adapt to digital operations, and face a rise in non-performing loans and spikes in claims.
All this is taking place in a market that has become extremely competitive over recent years, and subject to strict regulatory obligations.
As the pandemic unfolds, it’s clear that Covid isn’t just a disruption to the financial services industry. It will change human behaviours and preferences, perceptions and beliefs, ways of working, and with that it will change the financial services industry forever.
We hope you find our Covid-19 related financial services insights showcased here of interest. Please contact Ben Angood and Daniel Golding for all sector-related challenges you are facing.