PARTNER CONTENT
Inspiring better banking for the post-pandemic world Sanat Rao, Global Head and Chief Business Officer, Infosys Finacle, sums up the multiple challenges facing banks today and suggests underlining their original purpose as the guide to their future actions
T
he Covid 19 pandemic has made a profound impact on people and industry worldwide. In the case of banks, in addition to managing their own businesses, banks have had to assume a social responsibility to help customers and communities get through the crisis. Be it transmitting massive government relief packages, deferring loan repayments, or encouraging digital consumption, banks have had to rise to the occasion, even while having to manage their own challenges around rising NPAs, shrinking growth rates, and declining valuations. The pandemic has essentially accelerated the multi-dimensional disruption banks have been facing due to a confluence of several forces. On the economic front, banks have had to operate amidst shrinking GDPs, low to negative interest rate regimes, unemployment, and a slowdown in private investments, among others. On the political front, geopolitics, protectionism, and uncertain global trade dynamics have impacted the trade finance business. On the regulatory front, things haven’t been easier for banks either, with higher capital adequacy norms, new Open Banking regulations (such as PSD2), and a host of other laws covering consumer rights, data privacy, security, anti-money laundering, and terror financing, which
50
Sanat Rao, Global Head and Chief Business Officer, Infosys Finacle
Banking and Finance news in the MEA market
