In response to the pandemic and based on research conducted in the 40 countries in which Kearney, a global management consulting firm operates, the firm released a report on the business implications that the coronavirus pandemic holds for the financial services sector.
“The financial services industry is double-exposed to the pandemic; in their own business model as well as through the risk of clients’ default (in case of banks) or new claim patterns and investment income challenges (in case of insurers). In the long-term, Covid-19 will drive new opportunities for financial institutions through changing perspective of clients on ensuring risk and preparing for unexpected situations,” Hentus Honiball, a partner at global management consulting firm Kearney points out.
Honiball explains that safety, productivity, and connectivity of employees, as well as giving back control to clients and stabilising operations are the most important business responsibilities that companies need to take into account.
Kearney’s research indicates various measures that should be implemented to prepare for three plausible scenarios.
Click here to download the research that highlights that the financial services industry needs to address short-term aspects now while proactively preparing for the long-term ones. Furthermore, it draws attention to how the COVID19 crisis impacts banks, as well as how insurers should change priorities and to minimize adverse impacts. The connection with the client is highlighted throughout the research.