Consumer Banking

Perspectives

Consumer banking remade by COVID-19

Scenarios for resilient leaders

There are various scenarios exploring how the COVID-19 pandemic could accelerate or redirect the consumer banking industry over the next one to three years. These scenarios target consumer banks and are built on important macro and banking sector uncertainties—both already evident and others potentially plausible based on the severity of the pandemic and government actions. These decisions could ultimately spark several questions around implications and next steps for your organization.

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In the wake of COVID-19, Deloitte and Salesforce hosted a dialogue among some of the world's best-known scenario thinkers to consider the societal and business impact of the pandemic. The results of this collaboration can be found in The World Remade: Scenarios for Resilient Leaders.

The consumer banking industry remade

How might consumer banking evolve in the coming years, and how can leaders be prepared? Insights on how consumer banking in the US might evolve in the next one to three years to help leaders:

  • Explore how uncertainties during the pandemic could shape US consumer banking in the medium term.
  • Have productive conversations on the lasting implications and impacts of the crisis.
  • Identify decisions and actions that will improve US banks’ resilience to the rapidly changing landscape.
  • Move beyond responding to the crisis, and towards recovering in the medium term.

We are in uncharted waters; yet, banking leaders should take decisive action to help ensure their organizations are resilient. Deloitte’s Resilient Leadership framework defines three time frames of the crisis.

Consumer banking remade by COVID-19
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Four COVID-19 banking scenarios as thought starters

Four distinct scenarios emerge based on current trends and critical uncertainties. They are summarized below, and more details can be found in the attached PDF:

Two critical uncertainties will drive the overall impact of COVID-19:

  • What is the overall severity of the pandemic and pattern of disease progression?
  • What is the level of collaboration within and between countries?

For an in-depth discussion of the four scenarios, ten potential implications for consumer banking in the US, irrespective of which scenario unfolds, and seven no-regret actions in the following six to nine months that can better position banks to recover. Download the PDF here.

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