As the UK marks one year since the first coronavirus lockdown, Mohamed Dabo has dug up a selection of some of our best content about the pandemic.
Covid-19 has generated significant instability and high volatility in global capital markets.
Go deeper with GlobalData
One of the immediate effects of the health emergency on the real global economy was the increased credit risk of corporate and retail clients of the banks.
One year into the pandemic, the contraction in economic activity has had dire consequences on credit quality as banks have increased loan loss provisions.
The digitisation opportunity
Banks, even the most territorial and branch-centric ones, have been forced to encourage the use of channels that have never been their strategic priority.
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By GlobalDataGaps in the provision of services, becoming more tangible than ever before with Covid-19, have made banks even more inclined to accelerate the digital transformation path through partnerships and collaborations within the fintech community.
From the beginning of the pandemic, Retail Banker International has kept on top of relevant developments about the deadly virus.
What follows is a selection articles to help you better understand the overall impact of the virus on the banking sector.
Pandemic isn’t keeping RBC from helping kids at risk
RBC’s Group Head of Personal & Commercial Banking Neil McLaughlin told a gathering of students and faculty from the Licensed to Learn (L2L) programme that young people have been among the hardest hit by the Covid 19 pandemic.
Citigroup begins Covid-testing its office workers
In early March, Citigroup began offering some of its US employees who are still working at offices and branches a rapid at-home Covid test. The company said its aim was to spot early Covid cases and thus prevent the spread of the infection among its employees.
Japanese banks: Fitch warns of tougher road ahead
Fitch Ratings believes Japan’s already challenged banking industry will be further stung by lasting economic scars from the coronavirus pandemic. The economic contraction in 2020 was an unwelcome obstacle to the country’s goal of reflating its economy, as is the downside risk posed to its recovery in 2021.
HSBC sets up record £15bn fund to help SMEs recover from Covid
HSBC has unveiled a record £15bn lending fund for Britain’s small businesses, to help spur on their recovery from the pandemic. The banking giant has announced that two-thirds of the fund will be directed to specific regions, ensuring that companies throughout the UK are able to benefit from its support.
Covid-19: Wells Fargo encourages employees to get vaccinated
American banking giant Wells Fargo, which has one of the largest banking workforces in the US, will provide up to an eight-hour break to enable its employees across the world to get inoculated.
Covid-19: Singapore to inoculate frontline bank staff
Singapore has unveiled plans to vaccinate frontline banking staff against Covid-19 making it one of the first countries to inoculate workers of the financial services industry.
Covid-19: a damning digital transformation stress test
At the height of the pandemic, consumer behaviour began to outpace the channel capabilities of slow-moving incumbent banks, reinvigorating providers around digital transformation imperatives.
Lloyds Bank profit plunges over 70% amid Covid, low rates
The Lloyds Banking Group says its profit crashed by 72% in 2020 as the bank struggled with the Covid-19 pandemic in a low interest rate environment. The bank, which is Britain’s biggest lender, posted pre-tax profit of £1.2bn (2019: £4.4bn) on a net income of £14.4bn.
Covid-19 spurs on innovation in e-commerce sector
Many might joke they want a refund for 2020. It was a testing year for many businesses, consumers, and governments alike. Yet, these tests have spurred innovation and accelerated the pace of change, advancing digital transformation by at least five years in the space of six months, argues Gabe McGloin, Head of Business Development EMEA at Verifi
The best of the best bank ads amid the Covid-19 pandemic
AfrAsia Bank’s campaign, dubbed The Believers, anchored on the bank’s Bank Different philosophy and values. In summary, the campaign highlights a belief in a better tomorrow and a positive outlook to fight back and build back better once the worst of the pandemic is over.
Covid-19 heats up competition in Canadian digital banking
As Covid-19 drives Canadian consumers to digital banking, competition is growing between incumbent and digital challenger banks.
Financial services industry to be highly disrupted in the next six months due to COVID-19: Poll
The impact of the COVID-19 pandemic on the financial services sector has been mixed but the future remains uncertain due to the after-affects. Verdict has conducted a poll to assess the extent of disruption that COVID-19 will have on the financial services industry in the next six months.
Banks struggled to meet customer expectations during the COVID-19 pandemic: Poll
Banks and financial services providers were forced to adopt online and digital operations as the COVID-19 pandemic posed several challenges. Verdict has conducted a poll to assess how well banks have responded to serving customer needs during the pandemic.
FCA Covid-19 resilience surveys reveal 4000 firms at risk of failure
In response to the crisis, the FCA has monitored the effects of the economic downturn on firms’ solvency. To do this, the regulator has rapidly increased the data it collects on firms.
Citigroup releases $1.5bn in reserves built up for Covid-19-related bad loans
American banking major Citigroup has released $1.5bn from its reserve build, which was earlier set aside to cover for Covid-19-related bad loans. According to the Financial Times (FT), the bank is optimistic about the loan loss recovery in the country despite the new rise in coronavirus cases.
