BANKING
1 . “ Fundamental assumptions about [ banks ’] customer base and behaviour will have to be reconsidered . In many ways the challenge is akin to starting a new firm from scratch .”
2 . “ The pandemic exposed that existing models lack a connection to shocks originating outside the system ( exogenous events ), such as supply chain disruptions or trade friction . Without a way to incorporate exogenous events , significant risks can and have gone unnoticed and unchecked .”
shrinking fast . Rafa Plantier , Country Manager ( UK and Ireland ) at open banking platform fintech Tink , is critical of banking ’ s tardy efforts prior to the pandemic , believing that greater foresight could have mitigated the initial frontline pressure : “ Banks have been challenged operationally because of a rise in the volume of credit requests . The automation of information gathering and streamlined onboarding processes could have helped banks manage requests more effectively .”
The overwhelming influx of online requests was primarily caused by the closure of bank branches , making the prioritisation of digital channels essential . Achieving operational efficiencies has also become paramount at a time when employees are working remotely and customers expect online experiences on par with digital leaders ( Google , Amazon , etc ) across the board . According to Falk Rieker , Global Head of the Banking Industry Business at SAP , this extra weight of expectation adds yet another pressure to modern banking : “ Banks are on the front lines , supporting and guiding their
“ The pandemic has only exacerbated [...] difficulties and placed additional importance on the means of resolution ”