SINGAPORE (July 3): Some countries in Asia are starting to see the light at the end of the tunnel with no new Covid-19 cases. Various governments are starting to reopen their economies in Malaysia, Thailand and Singapore. Still, the pandemic will leave significant and long-lasting economic repercussions across many industries. The top priority for the financial services sector is to circumvent the negative impact that Covid-19 has had on consumer confidence, financial operations, and workforce productivity.

The last global recession in 2008 showed us that a steady hand at the helm is invaluable. As companies gear up for a tougher road ahead amidst broader global economic uncertainties while approaching the pandemic with determination, positivity and a clear plan helps banks and financial services providers gear up for the tougher road ahead.

As the consumer banking sec-tor formulates strategies to manage the economic impact of this pandemic, they can adapt some of the best practices and learnings from the previous recession. With major changes in technology and shifts in consumer behaviour in recent years, the changing context also presents a window of opportunity for leaders to build on the past to shape the future of consumer banking. Necessity will be the mother of invention for innovation, and consumer banking professionals will have to be agile in adapting to the evolving situation to rise above the pandemic.

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