IIF Authors

Status: Will be live at 06/24/2020 11:07

Realizing the Digital Promise: COVID-19 Catalyzes and Accelerates Transformation in Financial Services

In a matter of weeks, COVID-19 has forced radical changes in customer behavior, moved significant portions of the economy online, and increased customers’ comfort and willingness to engage digitally. Moreover, for many financial institutions, COVID-19 has unlocked hidden potential, stripping away many of the barriers that organizations traditionally face in realizing the digital promise.

The Institute of International Finance and Deloitte have joined together to explore digital transformation in financial institutions. In this supplement, we examine the four fundamental shifts brought on by COVID-19 that have accelerated digital transformation in the financial services industry, discuss the role digital has played in financial institutions’ pandemic response, and explore the implications for these institutions as they navigate the uncharted waters ahead. We also offer 10 “no regret” actions across customers, businesses, shareholders and stakeholders, and employees/workforce that financial institutions can take today to thrive in the new normal.

The four fundamental shifts brought on by COVID-19 are:

  • Forced adoption of online, mobile, and call center  
  • Overnight virtualization of workforce and ways of working
  • Tipping point for digital and contactless payments
  • Evolution of underlying market structure and economics