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Leadership in the time of the coronavirus: COVID-19 response and implications for banks

Leadership in the time of the coronavirus: COVID-19 response and implications for banks

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Banks have a role to play as systemic stabilizers.

SUMMARY

This study analyzes the actions taken by the banking sector in response to the spread of COVID-19. The majority of banks have already put in place proactive measures to protect their employee's health and to contain the spread of coronavirus.

Some basic measures include travel restrictions, putting the emphasis on workplace hygiene, offering flexible work arrangements and remote working and starting proactive communication with stakeholders.

Health measures to contain the coronavirus propagation may take a long time like it was seen in China. It is key therefore that banks ensured that the measures launched are sustainable and created to get the best out of their employees while preserving their mental health over the Covid-19 crisis.

The paper explains that banks must carry on branch and ATM operations with the correct safeguards and encourage at the same time the use of remote services during the coronavirus crisis. This approach will account for needs across all consumer segments, including older people that are both more vulnerable to the Covid-19 and less likely to use digital channels.

Many people including those who are already in debt will suffer the financial impact of quarantine measures and loss of employment. Banks have an important role as this segment of the population is probably going to need even more support from them to provide daily liquidity needs through credit.

OUTLINE

Inmediate response

Key banking services to retail consumers

Credit

Financial tests

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Leadership in the time of the coronavirus: COVID-19 response and implications for banks
Sub-Title
Banks have a role to play as systemic stabilizers.
Region
Global
Published
March 15, 2020
Publisher
McKinsey & Company
Author(s)
Kevin Buehler, Olivia Conjeaud, Vito Giudici, Hamid Samandari, Lorenzo Serino, Marco Vettori, Laura Webanck, and Olivia White
Price
FREE
Language
ENGLISH

Content

Number of Pages
9
Number of Tables
0
Number of Exhibits
4
Topics
business-and-corona
Tags
banking, china, corona, coronavirus, Covid-19, financial services, financial system, global, health, healthcare, Italy, leadership
Author(s)
Kevin Buehler, Olivia Conjeaud, Vito Giudici, Hamid Samandari, Lorenzo Serino, Marco Vettori, Laura Webanck, and Olivia White
Methodology
Not available.

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