How well prepared are banks for the next crisis?

Thursday, 9 June 2022 | Nikos Karelos, Banking Director at Profile Software

How well prepared are banks for the next crisis?

The banking sector has been affected by a number of crises in the past decade. The pandemic is only a recent one. It arrived shortly after the credit crisis. Was the industry prepared to deal with this new challenge? What were the lessons learned from two seemingly unrelated events? Profile reviewed and elaborated on the ways banks get prepared for any future challenges in a recent webinar, with the participation of industry experts from Surecomp, the leader in Trade Finance software, and the expertise and support of Wealth Mosaic.

The discussion commenced with the question about the evolution of banks throughout the crises and the possible common elements one would identify to successfully overcome any future challenges.

A significant social crisis, like the pandemic, forcing extraordinary measures like social distancing and lockdowns, is apparently unrelated to a credit crisis. By definition, there are no common characteristics between the two events. However, as the discussion developed, presenting the actual facts and how these unfold in the following paragraphs, it becomes evident that banks are the organisations that need and must further evolve to safeguard their sustainability from the potential crises and better serve the changing marketplace.

New operational models in the banking industry

An unprecedented set of measures like social distancing and remote working had a direct impact not only on banks but also on their customers’ operations. Bank branches were hit the most as they had to close at very short notice, which translated into bank officers working from…

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