Banking and financial services institutions (FIs) can play a vital role helping businesses and individuals manage the fiscal consequences of sheltering in place and national lockdowns as the world battles the novel coronavirus. FIs can take immediate measures to maintain business continuity and service delivery. Some of these initiatives are likely to outlast the virus and become new norms. Organizations may also see capabilities they are missing and build them for a post COVID-19 world. We suggest dividing your response into two categories: immediate and shorter-term therapeutic interventions and forward-looking preventative measures.
Ultimately, these responses can help serve all stakeholders — customers, partners and employees. Technology and operations decisions require precision focus on “people” needs. Organizations that excel here will better weather this crisis and gain valuable insights and experiences to apply going forward.
The advice in this article was provided by Daniel Cohen, Cognizant Senior Vice President, Banking and Financial Services, North America.
For more information about managing business continuity during the COVID-19 pandemic, visit our COVID-19 response page.