Who could have predicted that a health crisis would result in a banking metamorphosis, with banks adopting the digital-platform model as consumers embrace digital self-service channels? Banks need to follow a series of steps to stay ahead on the journey to an agile, data-driven future, providing services embedded in their customers’ lives.
The COVID-19 crisis proved how nimbly governments could step up to the plate to support the private sector. But have they done too good a job, becoming the source of all things to eagerly waiting firms, including banks, at the expense of self-reliance? What type of capitalism do we have if governments are omnipresent? As debts levels continue to grow, is equity the solution for “sunflower capitalism”?
Bank clients have embraced online channels to complete routine transactions, but this doesn’t mean they no longer seek human contact. When the time comes to cope with complex financial matters, individuals and small businesses alike often want a human financial partner. How can banks best meet this demand for blended customer service?
The Sustainable Development Goals provide a blueprint for achieving inclusivity and sustainability, and participation from the financial sector is crucial. COVID-19 has complicated efforts to accomplish the SDGs by 2030 in the Asia-Pacific region, but ESCAP, empowered by innovation, is partnering with public and private sectors to succeed.
Versus Bank of Côte d’Ivoire attributes its recent sterling achievements to five chief areas: improvement in its governance framework, organisational overhaul to improve operational efficiency, new values focused on the quality of services, agile financing strategy for the COVID-19 crisis and strengthening its risk-management framework.
Nonperforming loans are unfortunate consequences of an economic crisis, but their severity varies depending on the nature of the crisis and remedial responses. In Europe, as recovery kicks in, speculation abounds regarding the intensity of the inevitable NPL aftershock. Will it be a tsunami or a wave? What can be done to lessen its force?
MCB, renowned for its longevity and supremacy in Mauritian banking, follows its vision of Success Beyond Numbers and incorporates three pillars of excellent customer-service experience: people, processes and technology. This one-stop shop for financial services is central to the region’s economic prosperity, as CEO Alain Law Min explained.
Interview with Dr. Herbert Wigwe, Group Managing Director and Chief Executive Officer, Access Bank Plc
Access Bank is an example of a bank determined to outdo itself. Starting off as a small, private commercial bank in 1988, it is today Nigeria’s top universal bank but intent on excelling beyond national boundaries. Chief Executive Herbert Wigwe describes how the bank is realizing its mission to be the world’s most respected African bank.
No economy can boom without a healthy mix of SMEs, but they are often left to fend for themselves when it comes to funding in times of crisis. SMEs have suffered outsized impact from COVID-19 but have not received corresponding loan consideration from big banks. How can this be turned around so that SMEs will not just survive but thrive?