The impact of COVID-19 on the financial services industry is profound. While other industries are severely impacted it is the resiliency and continuity of the financial services markets that will support Governments and businesses during and post crisis.

The crisis will accelerate fundamental shifts in how we work and interact in both a private and business context. As the financial ecosystem is in uncharted territory and the situation is evolving every day, financial service organisations need to be agile, transparent and act decisively in response to the challenges that COVID-19 has posed. New regulatory, tax, accounting and reporting requirements as a result of COVID-19 will require immediate action by a newly collaborative, distributed and remote workforce.

Digital-only becomes the new industry norm in financial services, accelerating the current trend. This also means that cyber-readiness and security will be more important than ever to prevent cyber criminals from taking advantage of environments of uncertainty and panic to launch their attacks.