CHALLENGES FACING THE BANKING INDUSTRY POST COVID-19

Abstract

The banking sector is vital to the global economy because it helps to make
financial operations like borrowing, investing, and storing money easier.
However, not all banks are able to survive in their respective industries due to
several challenges that they need to encounter such as customer acquisition
and retention, digital shifting, talent shock, and cyber security. Unfortunately,
the COVID-19 crisis has further exacerbated these challenges. Significantly,
one of the pre-crisis trends that accelerate the most after the pandemic is
digital disruption. Therefore, in order to face these challenges, it is crucial for
bank leaders to persist in making the necessary adjustments to adapt to the
‘new normal’, which for many represents a significant departure from precovid
times.