Banking reimagined has been saved
COVID-19 as a time machine to the future
From its onset, the coronavirus pandemic has not only been a global health emergency but also a profound economic shock. As the health emergency stabilises, albeit in a fragile manner, the focus will shift to the economic consequences of the pandemic. In Ireland, as in much of the world, these consequences are unprecedented in their scope and severity, as becomes clear when they are analysed in comparison to the Great Financial Crisis and other previous downturns.
The Irish retail banks are a critical component of the Irish financial system and economy as a whole - as lenders, custodians of their customers’ deposits, managers of financial infrastructure, and employers. Consequently, they are also at the heart of the economic crisis. In addition to the major operational challenges they have faced since the onset of the pandemic, virtually all aspects of their businesses have been, and will continue to be, impacted by the economic shock and associated social developments.
Changes that many predicted would happen over years took place in a span of weeks.
This report assess the COVID-19 pandemic’s effect on retail banking in Ireland including:
- Implications for retail banks
- Reimagining the retail bank: the opportunity and imperative to transform
- Five actions for banks to take