Amid the challenging pandemic environment that has dampened business volumes, depressed margins and elevated credit costs, corporate and transaction bankers are focused on rolling out a range of digitisation and sustainability-related initiatives to sustain business in 2021.
January 27, 2021 | Ellen Hardy- Banks of all sizes have accelerated their digitisation during the pandemic, with both retail and commercial customers not expected to look back.
- Sustainable development based on ESG factors has come into sharp focus as financial firms accept that they have a role to play in the corporate management ecosystem outside of investment portfolios.
- Fiscal stimulus, quantitative easing and loan moratoria will provide relief to banks and customers to weather impact of COVID
As the world moves into the ‘next normal’ of the post-pandemic world, Asian banks say that they are ready for the new challenges it presents. The pandemic has been a catalyst for finance to accelerate their digital transformations, and a time to help clients navigate multiple uncertainties.
Ready or not, the digital revolution has arrived
Accelerating digitalisation of financial services may be the enduring theme of the pandemic. Not only has it coincided with the introduction of digital only banks, but it has led to a rethinking and reconfiguration of traditional brick and mortar channels, as well as the digitisation and automation of trade and supply chain financing.
Peter Jameson, head of Asia Pacific trade and supply chain finance, global transaction services, at Bank of America believes that in the pandemic may have achieved more for digitisation of trade and supply chain finance than the industry has managed to do in the past five years.
Peter Jameson,
Head of Asia Pacific Trade and Supply Chain Finance,
Global Transaction Services,
Bank of America
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Keywords:Sustainability, Fiscal Stimulus, Digital Banks, Esg, Supply Chain, Technology, Covid-19
