Russian banks, world leaders in the field of cashless payments, was ready for a pandemic coronavirus is much better than international counterparts. Those who can sell their products entirely online, and quickly adapt to the current situation, will win market share in a crisis. This is stated in a new report, consulting firm BCG “Global risk 2020: time for banks to initiate disruptive change.”
“From the point of view of the digitalization of the Russian banks approached the crisis caused by the COVID-19 in much better shape than many of their international colleagues – says Sergey Ishkov, managing Director and partner of BCG. Over the last ten years in dollar terms, the return on assets increased 3.3 times, and the profit of the banking sector 4.5 times, despite the slow growth of the economy.” According to the company, the success of lay rapid digitalization of business processes, which allowed just a few years convert most of the daily transactions in remote channels.
However, in order to maintain profitability and survive in a crisis, banks will have to promptly carry out changes, which in good times was not enough time and attention management, stress in BCG. In particular, we are talking about reducing bureaucratic procedures and more advanced Analytics of business processes (from a risk assessment of the borrower to retain customers and cross-selling). Banks that are able to sell their products entirely online, and promptly adapt to the current situation, will win market share in a crisis, says Ishkov.
