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Coronavirus (COVID-19) - Banking sector impact - 04 August 2021

Published: 04 August 2021 Code: GDCOV-TR-X078

Globaldata's report on the impact of COVID-19 in the Banking sector includes detailed coverage on banking sector analysis, COVID-19 impact and sector insights among others.

The virus has now spread to over 198 countries with a total of more than 194 million confirmed cases and over 4 million deaths. The number of confirmed cases is the US is over 34 million, with cases again rising after sustained period of declines. As in many other countries, most new cases are of the Delta variant, with hospitalizations also on the rise (97% of those admitted are unvaccinated). Brazil has one of the highest case-loads globally, with surges drove by new variants and a lack of preventative measures from the government. The way we work, shop, eat, seek medical advice, socialize, participate in sports, and entertain ourselves will all be different. Quite how different remains to be seen, but all industries must plan for multiple eventualities.

Impact of COVID-19:

  • As of August 2021, the number of hiring has been increased
  • 27% of employees reported a significant growth in the productivity level during the work from home status
  • Confidence and activity are improving as markets look to the post-COVID-19  recovery

Access our report for more key findings on the above analysis.

Sector insight summary: Banking and Payments

The volume and velocity of channel shift amid the pandemic have focused retail banks on operational agility. Redesigning core infrastructure to be more modular has helped reduce interdependencies between processes, expediting time-to-market and limiting overall complexity and cost. As banks prepare for a zero-interest-rate environment, agile tech platforms will help banks pivot to new business models, such as Bank-as-a-Service (Baas) propositions and various types of B2B data sharing and/or enrichment. These alternative monetization strategies will bring data security and privacy into an even sharper focus.

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