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PwC Nigeria's FS Webinar

COVID-19 and the Financial Services Industry

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Conversations with Business Leaders

Building Digital Infrastructure Resilience

Toyebi Oyeyinka

Technology, Advisory Senior Manager PwC Nigeria

The Moderator

Welcome

Opening Remark Andrew S. Nevin

Partner and Chief Economist & West Africa Financial Services Leader

Subject Matter Expert Damola Yusuf

Technology, Advisory Partner PwC Nigeria

1

Coming up next

Building Digital Infrastructure Resilience

April 2020

COVID-19 and its impact on the Nigerian FS industry

PwC

6 Date Internal 3

6 NNPC Retail Limited Lubricants Business Plan February 2020

Content

COVID -19 Response - Key challenges for the CIO and CTO Global responses to COVID-19 Key Considerations for building Digital Infrastructure Resilience

COVID -19 Response - Key challenges for the CIO and CTO

PwC

Challenges for building Digital Infrastructure Resilience

8

Financial Services players in Nigeria face the following challenges in responding to the impact of COVID-19.

April 2020 COVID-19 and Digital Infrastructure Resilience

Main body text here goes here goes here goes here goes here goes here goes here goes here goes here goes here

01 02 03 05 04

Flexible and Remote working capabilities with the right controls in place Operational resilience of middle and back office processes that are manual or require paper based approval Availability of infrastructure and hardware for staff/organisation to execute their duties effectively Cybersecurity breaches, Information security risks, social engineering and fraud incidents Business Continuity Plan Rollout constrained by IT support & services

01 02 03 04 05

Global Responses to COVID-19

PwC

COVID-19 pandemic: Key Financial Services responses from selected global territories

10

• Enhanced use of digital and

mobile banking platforms.

• Offering employees remote work
• ptions.
• Regular deep cleaning of ATM

machines and banking facilities

• Temporarily closure of most

branch lobbies to the public until further notice

• Limiting direct banking services to

personal appointments and drive- up windows at locations where they are available

• Disruptions expected in new

Insurance business and underwriting processes due to dependence on paper applications and medical underwriting

• Banks are leveraging non-traditional

channels such as telephone banking, mobile and online platforms to support customers’ needs

• Few branches operating at reduced

working hours while service status updates are available for customers on some bank’s websites

• Banks are providing information/advice
• n personal finance as well as FAQs and

a digital assistant on their website to alleviate the customers’ demand on the call centres

• Insurance firms are establishing

“emergency trading protocols” to ensure business including encouraging electronic placing rather than the traditional practice

• f brokering face-to-face deals
• China’s financial services sector has

experienced a very significant traffic spikes in key digital channels during the

• utbreak.
• In addition to leveraging existing digital

channels, banks also accelerated the path to digitized core-banking processes such as electronic know your customer (eKYC), digital signature collection, and

• nline document submission
• Reduced opening hours, enhanced ATM

services, and deep-cleaning programs are some of the responses to the COVID pandemic

• Banks defined a remote working

framework dependent on staff needs and requirements adapted their digital resources to enable the shift to remote working

• Banks have activated business

continuity plans that were put in place

• The Reserve bank of India he RBI

has directed all lenders to make banking facilities available on mobile applications to prevent any disruption in service

• Push for digital payments as a

safer alternative to cash transactions

• Customers are directed to use

mobile applications, online channels for sending money or paying bills

• Most employees engaged in

administrative jobs are to work from home while essential workers are split in working spaces

United States of America United Kingdom China India

April 2020 COVID-19 and Digital Infrastructure Resilience

PwC

Thank you

Subject Matter Expert Alfred Yadua

Technology, Advisory Senior Manager PwC Nigeria

2

Coming up next

Key Considerations for Building Digital Infrastructure Resilience

PwC

Digital Office Framework

14

Communications Infrastructure … supported by … … to access applications that facilitate business interactions, such as … … and enhance collaboration across The virtual workplace environment Core business applications (front, middle and back office) Collaboration applications Video teleconferencing Meeting room technology Workplace utilities … governed by … Employees use… Digital Security Workplace access Application access End point access Network access Access devices PCs Smartphones Tablets Communications Infrastructure Business Applications Office Connectivity Remote Connectivity

The Digital Office Framework provides a holistic view of how organisations can employ digital to continue operations

April 2020 COVID-19 and Digital Infrastructure Resilience

PwC

Setting up your COVID-19 response: Considerations (1 of 2)

15

COVID-19 response strategy

Source: PwC COVID-19 Response Considerations

Proactively react to change to ensure business continuity Digital & Mobility Strategy

• Activate the Business Continuity Plan (BCP), the

plan should include critical business processes, Business Impact Analysis (BIA), Call tree etc.

• Identity gaps in the business continuity plan and

develop future proof updates to the business continuity plan in light of experience

• Define communication strategy across the

enterprise for customers, partners, employees etc.

• Understand and anticipate failure points in current

finance operations

• Identify resource constraints and spikes in demand

against supply chain

• Ensure internal technical support are sufficiently

equipped to accommodate potentially new and elevated levels of requests

• Leverage a digital office framework employing IT

hardware, communications infrastructure and business applications that is governed by digital security and access controls

• Review Digital IT infrastructure capacity
• Introduce virtual desktop infrastructure
• Define and implement digital integrated solutions
• Conduct digital process automation
• Define mobile workforce strategy and capability

(mobile CRM, mobile BPM, mobile ERP and mobile BI solutions, BYOD)

• Ensure seamless access to information and

people in the organisation

• Provide over-the-phone digital banking training

to customers who are not able to transact via digital channels

• Leverage existing enterprise wide tools such as

intranet for communications and ensure collaboration channels are always open Provide adequate support to employees and stakeholders to enable operations Network Planning & Optimisation

• Optimize network capacity to support

remote workforce (voice, video, data, bandwidth etc. )

• Determine License requirements and

implication for remote working.

• Ensure centralized management of

physical and remote branches via Digital Network Architecture (DNA)

• Ensure availability of the most adequate

and up-to-date remote access technology (e.g., virtual private network – VPN), perimeter protection technology Maintain productivity with a virtual workplace environment

April 2020

Business Continuity Planning

COVID-19 and Digital Infrastructure Resilience

PwC

Setting up your COVID-19 response: Considerations (2 of 2)

16

COVID-19 response strategy

Source: PwC COVID-19 Response Considerations

Cloud Strategy

• Assess the readiness of the business for

cloud adoption

• Identify candidate applications for cloud

migration

• Develop a cloud adoption roadmap that will

help with business continuity and remote working in the short, medium and long term Leverage cloud hosting for remote working IT Security & Control

• Consistently monitor any potential vulnerabilities

and threats to the business

• Reinforce network security and monitor network

traffic

• Develop governance and control framework in line

with remote working and mobility strategy

• Review and upgrade cybersecurity and anti-fraud

tools

• Revise relevant policies to enable employees work

from home

• Ensure encryption of sensitive data, such as

employee or customer personal information, and company business data

• Employees should be trained regarding information

security measures relating to remote access Introduce control measures to ensure information security

April 2020 COVID-19 and Digital Infrastructure Resilience

PwC

Thank you

All

Questions Answers &

The Survey Adedoyin Amosun

Operations & Financial Services Advisory, Associate Director PwC Nigeria

Coming up next

COVID-19 Implications- FS CTOs, CIOs and CDOs survey

April 2020

PwC 21 April 2020

The Survey respondents were drawn from across the FS Industry

PwC

About 36% of FS Technology executives are of the view that the impact of the pandemic will last for 6-12 months.

22 April 2020

PwC

More than half of the Technology respondents opine that the pandemic would negatively impact revenue and or profit

23 April 2020

Decreased revenue and/or profits We do not expect any impact to revenue and/or profits It is difficult to assess at this point Increased revenue and/or profits

PwC

Global recession (87%), Market Volatility (58%) and Cybersecurity/Fraud (49%) threats are the top 3 concerns for respondents

24 April 2020

Global recession Cybersecurity/Fraud threats Others Challenged liquidity buffers The effects on workforce/reduction in productivity Not having enough information to make good decisions Lack of a comprehensive/tested company emergency preparedness plan Data backup capabilities Sufficiency of communications and information technology infrastructure Market volatility Adequacy of network and security capabilities to support the new normal

PwC

47% of FS Technology executives are of the view that their respective companies will recover from the pandemic in less than a month

25 April 2020

PwC

About 35% of respondents indicated that they will be delaying investment decisions as a result of COVID-19 and 33% of FS Technology executives are likely to invest even more

26 April 2020

PwC

Thank you

Closing

Toyebi Oyeyinka

Technology, Advisory Senior Manager PwC Nigeria

The Moderator

PwC

Thank you

This webinar has ended For more insights on how to respond to the business impacts of COVID-19

Visit our COVID-19 Content Hub at www.pwc.com/ng/Covid-19 Access COVID-19 Resources on PwC Nigeria's Tax 247 Mobile App available on both Google Play Store and the Apple App store