Finsight: The Covid-19 Edition
Foreword from David Dalton, Head of Financial Services, Deloitte
There is only one place to start when we reflect on the time since our previous edition in late 2019. COVID-19 has dominated our industry and all others throughout 2020. In addition to the tragic human cost of the pandemic, the economic aftershock was considerable as governments across the globe effectively put entire swathes of their countries into a kind of enforced hibernation. All but the most essential services and sectors came to a standstill. Now, even as economies take tentative steps to reopen, there is a strong sense that we will be living with the effects of COVID-19 in our society and in business for some time to come.
That is why we have dedicated this issue to considering the many ways that COVID-19 has impacted the financial services sector - and understanding what those changes mean.
Business recovery and resilient leadership
Even as the full toll of COVID-19 becomes apparent, it is clear that the financial services sector, like all others, must be prepared for future events with the potential to severely disrupt normal operations.
Now is an unprecedented moment to drive radical transformation of organisations
David Dalton, Partner and Head of Financial Services, Deloitte Ireland.
And change, as much as COVID-19, is the recurring theme of this edition of FinSight. Understanding change, responding to it, and managing it, requires strong leadership. I believe now is an unprecedented moment to drive radical transformation of organisations, and the winners will be those leaders who have really grasped this opportunity. There are four practical actions that leaders can take as we come out of this crisis:
- Challenge strategically where they are playing
- Seize opportunities around focused collaboration
- Truly embrace the digital business model
- Adopt a culture of transformation