As commercial and corporate banks continue to adapt to the COVID-19 situation, one of the biggest adjustments is the shift to the majority of senior executives now working remotely. This unanticipated shift in operating models presents bankers with a unique challenge. Relationship managers are working to build (and deepen) relationships without the benefit of face-to-face meetings.
Market preferences had already begun shifting toward digital channels, and we anticipate that COVID-19 will accelerate this trend - putting pressure on banks to digitize origination and onboarding processes.
Opening an account and initiating a new loan were among the remaining banking activities that executives have preferred to initiate in-person. The current environment of mandated social distancing is making these types of interactions less practical, which will further push clients to digital capabilities.