TECH BUYER Apr 2020 - IDC Perspective - Doc # EUR246178520

Impact of COVID-19 on the European Banking Industry

By: Martin StillerSenior Research Analyst, Thomas ZinkResearch Director

Abstract

This IDC Perspective presents our assessment of the current impact of the COVID-19 virus. In this study, IDC Financial Insights looks at the wider perspective of how the novel coronavirus will impact European banking and the European economy, short-term working arrangements that banks have introduced to assure business continuity, how banks are dealing with clients who are unwillingly placed in quarantine or impacted by lockdown arrangements, and what the European banking industry will look like after the COVID-19 crisis.

"Despite the negative outlook, economic uncertainty creates opportunities for new business models. The past weeks have clearly shown gaps in customer experiences and opportunities for sustainable new business models. At IDC, we expect digital technology to experience another boost during and after the crisis." — Senior Research Analyst Martin Stiller, IDC Financial Insights


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