MARCH - 20218It has been a year since the world began the hard battle against COVID-19. How has it impacted the banking so far and potentially down the road? Here are some observations and thoughts. Business Continuity and Workforce Productivity When the health crisis hit in early 2020, many banks immediately went into crisis management mode. Business continuity was top of mind, in order to fulfill the mandate to keep the banking system functioning. The decentralized workforce reduces the risk that a worksite is shut down by an outbreak. Even call center jobs began to get distributed to multiple sites or employees' homes. The strategic investment of relevant technology is not an option anymore, but a must for the institution's survival.With the business continuity is largely taken care of by now, banks needed to continue to enhance productivity, which was a mandate even before the pandemic. This means further investment in the key technologies, such as communication and collaboration tools, to better equip the workforce in the digital era. Fight the Pandemic of Cyber Attacks and Fraud During the health pandemic, banks also face another pandemic of cybersecurity threats and fraud. With increasingly interconnected systems, there are more entry points for cybercriminals. Third-party risk management needs to be an integral part of the bank's cyber strategy. By Frank Tian, VP Risk Management, Union BankCOVID-19'S IMPLICATIONS FOR THE BANKING INDUSTRYMY OPINIONIN
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