As the number of cases of the Coronavirus (COVID-19) increases, the focus of companies must be on limiting the direct impact on employees and customers while also supporting efforts to limit the spread of the virus. The healthcare sector, airlines, travel firms, and supermarkets are experiencing the immediate impact, and face a huge challenge over the coming weeks to respond effectively to the emerging crisis.
But it is the banking industry that will have the greatest single influence on the United Kingdom economy, and how businesses and consumers are impacted by the emerging crisis. Poorly organized, knee-jerk reactions could lead inadvertently to banks amplifying the impact of the outbreak. Well-structured, considered and organized approaches will serve to dampen it.
