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Financial Services: Adapting to the Coronavirus (COVID-19) Outbreak

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  • 17 Pages
  • March 2020
  • Region: Global
  • GlobalData
  • ID: 5010858
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Financial Services: Adapting to the Coronavirus (COVID-19) Outbreak


In the short term, the impact of COVID-19 on consumer financial services will be analogous to the global financial crisis of 2008-09, creating a period of economic paralysis and leaving a massive hole in banks’ balance sheets.

This report provides an early assessment of the impact of the COVID-19 outbreak on the retail banking, payments, wealth management, and the insurance sectors.

  • Banks are preparing for mass channel changes as customers are expected to shun branches
  • Coronavirus offers unique opportunities for digital teams to ramp up, refine, and prove digital across a much wider range of wealth brackets, age groups, geographies, and use cases.
  • Increased digital activity brought about by COVID-19 could spur greater adoption of fintech and personal financial management tools.
  • Consumers will shift from in-store payments to online payments in order to avoid exposing themselves to the virus.
  • Coronavirus highlights the intricacies of insurance policy wording and the gap in cyber insurance coverage.

Reasons to Buy
  • This report identifies which retail banking markets will be hit hardest by the outbreak of COVID-19.
  • Details how banks are reacting to the outbreak across different markets.
  • Identifies which payment companies have the most exposure to POS terminals vs e-commerce.
  • Explores how consumer payment methods will change and the impact upon the industry.
  • Identifies which markets and investor types are most exposed to equities and funds.
  • Discusses strategic options for wealth managers, drawing lessons from the previous global financial crisis.
  • Highlights the impact of COVID-19 on insurance providers.

Table of Contents

Retail Banking


Wealth Management


Companies Mentioned

A selection of companies mentioned in this report includes:

  • Ingenico
  • Deutsche Bank
  • Visa
  • Mastercard
  • American Express
  • PayPal
  • Afterpay
  • Global Payments
  • Fiserv
  • FIS
  • JP Morgan Chase
  • DBS
  • Santander
  • Bank of China
  • Bank of East Asia
  • Commerzbank
  • HVB
  • Nationwide
  • ANZ
  • Maybank
  • BDO Unibank