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Banking Industry: Outline on COVID-19 and Key Pain Points
Corona Virus Disease- 2019 (COVID-19) outbreak has been declared as a pandemic by World Health Organization (WHO). As of Mid-April 2020, there were 2 Million exposures to the virus across the globe and the number is set to increase further.
While all countries are working on a containment strategy, the Virus because of its high transmissibility and spread has already recorded cascading effect on the economy where most banks in the effected countries started declaring various customer credit relief measures such as Payment Holiday, Moratorium, and many others.
World Bank has initiated projects to support developing countries for over $160 Bn to be implemented in the next 12-15 months. It is important to understand the thought process behind these solutions and how to effectively implement them.
This whitepaper focuses on pain point of COVID-19 on Banking Industry and potential use cases for a technology transformation.