TECH BUYER May 2022 - Tech Buyer Presentation - Doc # EUR249085422
European Industry Acceleration Survey, 2021-2022: Part 4 — Retail Banks Pass Pandemic Stress Test Without Tapping into Public Recovery Funds
IDC conducted this survey to understand the impact of COVID-19 on retail banks, to identify how retail banks reacted to pandemic restrictions, and to examine banks' plans to emerge stronger from the pandemic, with or without public recovery funds.
Business leaders from retail banking organizations across major European countries completed the survey, which was conducted in April 2021. Respondents were drawn from C-level, IT, and line-of-business functions.
The topics covered in the survey include the increased urgency of digital transformation due to COVID-19, industry resilience, and the lessons banks learnt that allowed them to emerge stronger from the pandemic. This increased strength is due to initiatives related to digital transformation, which combine new tools and improved services with the digital education of the workforce. Retail banks' financial stability and operational resilience have been key in passing the pandemic stress test. Retail banks adopted fallback operating models to ensure business continuity. Thanks to their prompt reaction, most did not need to apply for public recovery funds to ensure survival, but instead are leveraging public funds to drive business transformation and innovation.
This is the fourth of four presentations in the European Industry Acceleration, 2021-2022 series.
"One third of retail banks stated that public recovery funds were essential for the survival of the organization, but nearly half of them have no need to apply." — Associate Research Director George Briford, IDC Financial Insights