This article was first published on April 15, 2020.
Editor's note: Oliver Wyman is monitoring the COVID-19 events in real time, and we have compiled resources to help our clients and the industries they serve. Please continue to monitor the Responding To Coronavirus Hub for updates.
The coronavirus (COVID-19) crisis is continuing to significantly impact people’s lives, as well the economy of most countries. In the months and years ahead, the way most of the Corporate, Commercial and Retail banks are run will be re-written.
Banking executives (CXOs) will need a plan that accelerates the digitization and automation of many activities, relies less on third parties and provides an even stronger core with robust operational resilience that can withhold sudden shocks such as the current crisis.
This work needs to start now and focus should be given to continuing critical customer services, applications, data and technology infrastructure while minimizing the risks of fraud, data leakage, data protection, and cybersecurity issues created by third parties.
Drawing from our collective experience of working with a number of banks across the Americas, EMEA and Asia, we have identified 6 key actions that will enable the banking chief executives to provide stable services and will activate this operational resilience.
By being proactive now, banks are equipping themselves for future crises and developing operational resiliency for years to come.