Commercial banking leaders must embrace an agile and forward-thinking strategy to steer this period of turmoil. This guidance is at the heart of Boston Consulting Group’s white paper, A Call to Arms: The Commercial Banking Response to COVID-19.

Commercial banking will be pivotal in Southeast Asia’s economic response to COVID-19. This is the time for the industry to step up and fulfil its key role as an enabler of business. In doing so, commercial banking operators must adapt their own operational models in order to ensure success for the future.

Planning a strategic timeline

COVID-19 will accelerate many existing industry challenges. These include eroding margins, intensifying competition, expanding client demands and increasing digital expectations. At this critical juncture, operators must embrace these challenges as an opportunity to positively evolve servicing offerings while embedding long-term resilience.

The global response to COVID-19 follows the “flatten, fight and future” model. This same roadmap should guide the commercial banking response as the industry steers through the crisis towards the inevitable rebound.

Flatten the immediate challenge by tackling urgent priorities for value protection and client relief and support. Fight through the next 12 months to prepare for the recovery, leveraging opportunities to find advantage in adversity. This includes servicing clients and implementing economic relief measures that position you as an ally to business at this critical time. Develop a sustainable future in the medium term, embedding structural enhancements that build resilience, and prepare your business for the post-COVID-19 reality.

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