While the implications of COVID-19 are still evolving and the path forward is uncertain, it is abundantly clear that it will have a profound effect on the world as we know it. Many individuals and businesses are uncertain about their sources of income, about how they will be affected and about when they can get back to business as usual.
The Financial Services Industry has a critical role to play. Lending, in particular, is under tremendous focus and lenders need to gear up to address the changing dynamics. Beyond the near term mitigations, there are broader questions including where the industry is headed, and how deep the global recession will be. However, it is said that in the midst of every crisis, lies great opportunity. In fact, a 2010 Harvard study of 4,700 public companies across 3 recessions found that only 9% of companies flourished after the recession, whereas 80% of the firms had not regained their prerecession growth rates 3 years after the recession. What then should the lenders do to make sure they are part of the 9%?
There are three main phases. Firstly banks need to React – mitigate the immediate challenges posed by the situation, secondly they need to Adapt– align to the short or medium term implications and finally they need to Lead – use this as an opportunity to emerge stronger, more agile and more competitive than ever before. Against this backdrop, experts from Nucleus Software hosted a webinar on how the future of lending looks like in an increasingly virtualized world.
Topics we discussed include:
- Customer engagement and servicing – establishing contactless connections
- Accelerated AI adoption to automate processes without dehumanising them
- Keeping up with a fast changing regulatory landscape – conformity through agility and flexibility
Click here to Watch On-Demand Webinar to view the recording of this webinar, specifically designed for the global leaders of lending community.