Co-authors Val Srinivas, Jan-Thomas Schoeps, Richa Wadhwani, and Abhinav Chauhan wish to thank the following Deloitte client services professionals for their insights and contributions, Joe Alt, Daniel Bachman, Jamie Baker, Eddie Barrett, Maximiliano Bercum, Julie Bernard, Vikram Bhat, Alex Brady, Robert Contri, Desiree D’Souza, Margaret Doyle, Peter Firth, Tom Freas, Rob Galaski, Sylvia Gentzsch, Corey Goldblum, Prince Nasr Harfouche, Gys Hyman, Courtney Kidd-Chubb, Jason Marmo, Jojy Mathew, Garrett O’Brien, Timothy O’Connor, Margaret Painter, Parth Patwari, Larry Rosenberg, Shailender Sidhu, Chris Thomas, Troy Vollertsen, Deron Weston, and David Zierler. View in article, Foresight Research, “Expect a spike in consumers switching banking providers due to the pandemic,” October 21, 2020. Certain services may not be available to attest clients under the rules and regulations of public accounting. More recently, CFOs have been leading cost transformation efforts, which should remain a key priority for banks in the years ahead. One of the most notable effects of the pandemic is the scale and acceleration of several megatrends, and deceleration of others (figure 3). Some banks could also be conducting layoffs to rationalize costs. Banks that invested in digitizing their businesses over the last decade demonstrated higher agility and resilience in adapting to COVID-19-led changes than others.37. 26. We serve our clients locally, while drawing upon the firm’s considerable global resources and industry expertise. Needing to make these investments in a low interest rate environment, some banks, especially smaller ones, may pursue mergers and acquisitions (M&A) opportunities for scale. Please see www.deloitte.com/about to learn more about our global network of member firms. For instance, 44% of retail banking customers said they are using their primary bank’s mobile app more often.17 Likewise, at Nubank, a Brazilian digital bank, the number of accounts rose by 50%, going up to a total of 30 million.18. This drastic contraction in the global economy has already meaningfully diminished loan growth and payment transaction volumes. Central Asia. Across the board, digital inertia has faded, and more banks are pursuing technology-driven transformation, especially to core systems. Which is why Mr. Snark, Ron Shevlin, expects banks to start using FinTechs to sort out their core systems issues, I’m sure there’s more out there, but this is my curated list. Of course, this is a broader cross-industry problem that banks can work with clients and data vendors to address. The rating agency reported that more than 75% of rated banks now have a negative outlook, compared to just 14% in 2019. He is responsible for all industry services, solutions, resources, and ecosystem alliances across Deloitte’s business groups. Customers were served, employees were productive, and regulators were reassured. Banks can play a leadership role in driving the sustainable finance agenda but will need to engage with other institutions to solve the many problems in this area. View in article, J.D. The one I liked the best is the report from Standard & Poor’s (S&P, see end of blog) about the impact of the crisis in 2020 and the outlook for banking in 2021. But these efforts cannot happen without establishing more robust and accurate planning and forecasting,43 which may include modeling the pandemic’s impacts on markets, customers, and counterparties to construct a broader view of potential impacts and actionable insights.44 Pushing financial planning and analysis processes into business units should improve granularity and accuracy.45 However, using current legacy infrastructure in these endeavors may be challenging for many banks. The new parameters brought existing risks, such as business continuity planning and conduct risk, into greater focus. Institutions should also focus on workplace redesign to help strike the right balance between in-person work environments and remote arrangements, which should be based on the specific needs of various roles or jobs. However, traditional branch closures could be partially offset by drive-throughs and next-gen branches that enhance customer experience. They should be able to change the way work gets done by introducing self-service options, streamlining data flows and operations with automation, and restructuring for optimal service delivery. While banks have made good progress on sustainable finance, there is much more that can be done. COVID-19 not only accelerated digital adoption, it has also been a litmus test for banks’ digital infrastructures. First, they should prioritize retaining first-time users of digital channels by using targeted offers and engagement strategies. Some hiccups, many ongoing, but most crucially, through financial commitments should... July and August 2020 the 2021 M & a should move up on the see! Digital surge will reshape finance, there has been notable economic deterioration volatility significantly increased market risk, into focus! In addition to data quality and governance, another challenge is the prevalence of in! Banks have embraced their social purpose with a new normal Where payments all. 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