For banks, one of the biggest lessons of the past year can be summed up in three words: Brace for impact.
Disruption is no longer a dark cloud on the horizon. Due to the COVID-19 pandemic, disruption is present and fully accounted for, and banks have had no choice but to respond accordingly. Like airplane pilots navigating a storm, banks are struggling mightily to see what’s ahead and to manage the softest landing possible.
Those that entered the current crisis with more agile planning processes in place were in for a much less bumpy ride. They were able to quickly run multiple what-if scenarios, reforecast budgets, and ensure their plans reflected the latest impacts across their business.
They’ve learned that agility is critical—and that modern planning helps achieve it.
Disruption Isn’t New, and It Isn’t Over
Banks have long dealt with disordering forces like regulatory changes, geopolitical tensions, and demographic shifts. Then came COVID-19—and with it new realities like an increase in remote working, soaring demand for digital banking services, and a flurry of cash preservation. Meanwhile, banks are playing a key role in the global economy’s recovery, from distributing stimulus funds to issuing loan deferrals, fee waivers, and more.
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