The consulting company Oliver Wyman released a review of the impact of the COVID-19 pandemic on the financial sector. The results of this review show that banks around the world have faced serious challenges due to the pandemic.
According to the report, the revenues of most banks have significantly decreased due to the worsening economic situation. The main declines were recorded in the market for corporate loans and other financial products.
One of the representatives of the company noted: "Banks faced a serious reduction in revenues due to the pandemic, and many of them were forced to rethink their strategy and business model to cope with the new reality."
However, despite the challenges, the report also notes that banks are demonstrating adaptability and striving towards new opportunities. Some companies are actively implementing digital technologies to optimize their processes and offer clients new services in the context of the pandemic.
