BANKING

Could this moment of COVID-induced crisis represent an opportunity for banking ’ s digital renewal ? Commentators from SAP , SAS and Tink help us find out

WRITTEN BY : WILL GIRLING

How COVID changed everything It already seems like a foregone conclusion that the socio-economic changes ushered in by the COVID-19 pandemic will rewrite previously enshrined industry rules in banking . More to the point , it has fundamentally changed how banks , their customers and employees interact on a daily basis , and therefore altered that most vital element of financial strategy : risk management .

However , to say that this aspect of banking was not already undergoing significant challenges prior to the global crisis would be insincere : unfavourable interest rates , political unrest , and fintech driven market disruption were already conspiring to make old industry paradigms progressively less viable . “ The pandemic has only exacerbated these difficulties and placed additional importance on the means of resolution ,” states Anthony Mancuso , Head of Risk Modeling at SAS ’ Risk Research and Quantitative Solutions division . He believes that two key areas of impact have been :

48 March 2021