The Covid-19 pandemic has affected the entire globe in an unprecedented manner. Besides the direct effect of the virus on human lives and livelihoods, it is also essential to consider its impact on the economy. The fact that wealth-management firms have also been hit by the pandemic casts a spotlight on why firms need to come up with strategic responses to the situation.
This truly is a time to innovate!
The Covid-19 pandemic has affected the entire globe in an unprecedented manner. It has presented the world with a humanitarian and health challenge that can only be combated by deliberate and hard-fixed actions. With an increase in mortality rates across the globe, many nations remain perplexed about issues brought about by the pandemic. And as a matter of urgency, people affected by the virus need adequate support. There is also a need to create a vaccine to combat death rate and stabilise activities across the globe.
COVID-19 will likely go down as one of the most disruptive times in financial history with millions of businesses and people having been adversely impacted. Banks, in many cases, have been perceived as potential conduits in helping to ease financial turbulence through the provision of low interest or emergency loans, SME support, innovation in payments and more.
With the pandemic showing no end in sight- rather than waiting for business, commerce and travel to return to ‘normal’, organisations are embracing new ways of doing business. We are witnessing shifts in supply chains, revenue and service delivery models, acceleration in digital adoption and the proliferation of digital platforms. This truly is a time to innovate!