What CIOs can learn from the response of Asia-Pacific banks to Covid-20.
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This recent Gartner report explores how Asia-Pacific banks reacted to the Covid-19 outbreak and outlines four key recommendations for CIOs to include in their response to the pandemic.
According to Gartner, "COVID-19 could result in new customer behaviors and attitudes in the near future. Firms must identify these new customer behaviors as they occur, as well as the extent to which the behaviors are entrenched within each local market. In addition, banks should expand their footprint in less- profitable segments by connecting customers to government relief programs. This mitigates risks for the bank, while serving the needs of customers."
Plan and respond.
No significant differences between business disruptions caused by natural, technology, human-made or operational failures and those caused by a pandemic. While the Covid-19 pandemic has already negatively impacted the global economy, the impact may increase further depending on the scope of the geographic spread of the virus.
To provide a comprehensive response and business continuity, companies must incorporate pandemic planning considerations into existing resilience management activities. Consider these four levels of pandemic response as per Gartner:
- Ensure customer and employee health and safety by adding pandemic scenarios to business continuity plans, which will help prepare for recurrences of the outbreak.
- Maintain staff productivity and meet customers’ immediate needs by coordinating responses with ecosystem partners and by leveraging open banking and APIs to extend platforms and share resources and capabilities.
- Mitigate COVID-19’s business impact by creating a real-time dashboard to continuously monitor credit, risk to liquidity, changes in customer behavior, and emerging economic and consumer trends throughout the postrecovery period.
- Evolve the business model to create new revenue streams by launching new digital capabilities and platforms that deliver timely and personalized help to customers.
Source: Gartner, How Asia/Pacific Banks Responded to COVID-19 and What CIOs Can Learn, Ali Merji, Gladys Yeo, Leeann Ji, 30 April 2020.
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