This IDC Perspective analyzes the impact of COVID-19 on the corporate banking business and gives actionable advice for corporate banks to prepare for the strong demand for working capital loans, while managing their risk. It also covers priorities in business continuity planning (BCP), cybersecurity, and protecting their workforce. The crisis also offers opportunities for banks to deepen their relationships with customers by providing proactive solutions to address their needs and increasingly become trusted advisors.
"While banks were better prepared for black swan events such as COVID-19 than other industries, they need to act now to stay on top of the massive change of the past few weeks. From updating their BCP plans, improving their lending processes, to refining and modernizing risk models to the current situation. All these and more have to happen with a remote and more vulnerable workforce at speed," said Tom Zink, research director, IDC Financial Insights.