COVID-19:Banks must be innovative enough to survive

Daniel Kwadwo Owusu, Country Director for Deloitte Ghana, has indicated that, Ghanaian banks need to focus on new opportunities and innovations to take decisions which guarantee their survival amid and beyond the pandemic.

Speaking to B&FT Breakfast Series monitored by Talksafrica.com  Mr. Owusu stated that, they  have to consider liquidity management, risk management, and profitability strategies to survive this pandemic.

“We are still not yet aware of how the whole impact is going to be, so we need to look at it in terms of how we prepare our banks to survive. How do we look at our operations to ensure that we are streamlining them to ensure we survive?

“Assurance comes with controls, risks and operational efficiencies. Now, we need to ensure we are looking at each of these aspects of our business, and that we are ensuring whichever decisions we take our banks and financial institutions will be able to survive this pandemic, and then deal with what is even ahead of us,” he said

“There are enormous opportunities that are also being created. Now, you will see that there is increased use of technology in the banking space. People are doing a lot more transactions via the Internet, and so banks need to be a lot more innovative to see if this is the direction that we are going. And I can tell you that we are going to be at this point maybe for now and into the future.He said

He noted that,banks must be aware of risks and challenges involved in the business and find ways of mitigating them.

He said that even though banks are not looking to stop giving out credit, they should consider what areas to specialize in credit administration.

Paa Kweku Eshun|Talksafrica.com

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