Thanks for joining: PwC Nigeria's FS Webinar COVID-19 and the Financial Services Industry Conversations with Business Leaders Operational efficiency and managing your supply chain Presentation starts: 9:00am
Abiodun Falade Operations, Advisory Manager PwC Nigeria The Moderator Welcome
Andrew S. Nevin Partner and Chief Economist & West Africa Financial Services Leader Opening Remark
Adedoyin Amosun Operations & Financial Services Advisory, Associate Director PwC Nigeria Subject Matter Expert 1 Coming up next
COVID-19 and its impact on the Nigerian FS industry Operational efficiency
Content Key concerns for the COO 3 Global responses to the COVID-19 pandemic: Operational efficiency initiatives Key Operational considerations for the FS Industry Lorem ipsum dolor sit amet, consectetur adipiscing elit Lorem ipsum dolor sit amet NNPC Retail Limited Lubricants Business Plan February 2020 Presentation Title Date PwC 6 6
COVID-19 pandemic: Key concerns for the COO
Typical Risks and Challenges-Operations The COVID-19 Adequacy of viable Negotiating/renewal of credit pandemic has put alternatives for typical lines for Medium and Large Financial branch operations activities Corporates institutions in a e.g. Card renewals, business continuity POS/ATM issues, Cash mode with the deposit resultant challenges to their operations…(1 of 2) 01 02 03 04 Impact on transactions in Providing Financial service transit e.g. Clearing cheques to the vulnerable-Elderly, & Transfer Instructions for those avoiding digital loan repayment/deposits channels COVID-19 and its impact on the Nigerian banking industry April 2020 PwC 8
Typical Risks and Challenges-Operations The COVID-19 pandemic has put Financial institutions in business continuity mode with the resultant challenges to their operatio ns…(2 of 2) No premium, Risks of Arson, Support for the Communicating Balancing Managing Managing No cover- breakdown of Insured-Health, with empathy Risks and Service levels Third-party Renewals, Law and Order, Life, and impact Controls in the support Extensions- Counterfeiting Fire/Burglary new normal Corporate, Motor vehicle Micro and etc. Retail Insurance 01 02 03 04 05 06 07 Internal April 2020 PwC 9
Global responses to the COVID-19 pandemic: FS Operations
COVID-19 pandemic: Key responses from global territories Financial Institutions across the UK, USA, Hong Kong, EU, UAE, Australia, Singapore have adopted various responses to address challenges as a result of the COVID-19 pandemic • Adjusting queueing arrangements and use of alternate counters to meet social distancing requirements • Leveraging intelligent automation to deliver on increasing volumes of loan modification programmes and government-guaranteed SME loans • 3-6 months moratorium on mortgages and credit card debts • Waivers of ATM, Overdraft, early deposit withdrawal and maintenance fees • Deferrals, reductions and late fee waivers • Acceptance of electronic service for legal service • Leveraging Video conferencing tools for Customer engagement United States of America • Adopting digital signature tools for remote signing of documents • Emergency fund to help tackle the outbreak. Further steps include a fast track claims process and waiving deductibles United Kingdom • Doubling the benefits for frontline healthcare workers who are hospitalised due to COVID-19 • Access to medically advised COVID-19 testing, waiver of co-pays and other forms of European Union cost sharing • Provision of technological expertise including the development of a smart image- Australia reading system to help speed up diagnosis of suspected cases of COVID-19 • Clear communication on changing waiting times, new service levels and work-arounds COVID-19 and its impact on the Nigerian banking industry April 2020 PwC 11
Key Operational considerations for the FS Industry
Setting up your COVID-19 response: Considerations (1 of 2) COVID-19 response strategy Operational focus Workforce and Customers Risks and Controls Maintain operational agility for business Protect your stakeholders and plan your workforce Balance risk with the cost of control continuity • Implement social distancing guidelines and infection prevention • Develop a clear understanding of possible blind-spots for • initiatives at Customer touchpoints, Cash processing centres and Determine processes to be centralised/ moved to additional fraud and execution risk arising from the Contact centres central processing centres (with a focus on branch adjustment of existing processes (especially with regard • Identify the critical work which delivers your P&L, the workforce processes and head office functions) to supervisory functions and compliance operations) that do this and the capacity of your organisation to move labour to • Manage service levels to minimise waiting time and • Create interventions and initiatives that have long-term sustain those critical activities customer frustration value • Provide information to your teams real-time, communicating • Understand the existing process controls universe • changes and discussing the impact of these changes Enhance the capabilities of digital channels and (including the relevant costs) across the organization and • Ensure that there is full visibility of your people (location, ensure appropriate distribution e.g. ATM kiosks align this with the risk appetite and impact on customer nationality, skills, etc.) and the right processes and systems in accepting STC cash, Biometric withdrawals, experience place to track and move your workforce, where required Contactless payments • Complete workforce profiling to understand where work levels are • Enhance your capacity to deal with rapidly increasing likely to decrease or increase Communication strategy volumes of delinquent accounts and loan modifications • Celebrate successes within a short timeline. Ensure staff are trained to deal Provide clarity to Customers, Employees and with loan issues with empathy leveraging the other stakeholders knowledge of the customer’s business and available Focus on data • Create an internal and external stakeholder map for key support programmes communications (considering staff, customers, suppliers, • Simplify and communicate walk-arounds, loan relief regulators, etc.)? Gain insight, assess your exposure to risk and other support programmes-e.g. Fee waivers for • Develop a clear communications strategy that can be and provide customised service ATM usage, Insurance deductibles waivers and early implemented in a crisis to protect your reputation and • termination of deposits etc. The impact of COVID-19 will vary from client to client maintain the trust of your stakeholders and as such, FS players need to leverage data to • Leveraging data, engage customers by sending • Deploy appropriate digital/ technology infrastructure to model the impact on each sector and each customer customised messages to various customer groups support your critical business operations/ processes (subject to client specific- data) showing empathy, communicating walk-arounds and (including contact centre, branch and ATM operations) • This should result in customized solutions and providing training on the use of digital channels • Explore video conferencing options for Relationship communication for each customer group including managers and Contact centre agents Vulnerable groups such as the elderly • Integrate processes end-to-end, leveraging technology COVID-19 and its impact on the Nigerian banking industry April 2020 PwC to deliver the desired customer experience 13
Thank you PwC
Oladunni Lawal Operations Advisory Senior Manager PwC Nigeria Subject Matter Expert 2 Coming up next
COVID-19 and its impact on the Nigerian FS industry Cost efficiency
Content Key concerns for Cost Efficiency 3 Global responses to the COVID-19 pandemic Key considerations for the FS Lorem ipsum Industry: Cost Efficiency dolor sit amet, consectetur adipiscing elit Lorem ipsum dolor sit amet NNPC Retail Limited Lubricants Business Plan February 2020 Presentation Title Date PwC 17 17
COVID -19 pandemic: Key concerns for Heads of Procurement: Cost Efficiency
Risks and Challenges With the economic slowdown, there are heightened concerns around: Extracting optimal value from existing Balancing reducing revenue with planned supplier contracts third-party spend Increased communication 1 2 requirements with suppliers and Operational constraints of managing other stakeholders inflight projects and balancing spend/ 3 6 outcomes 4 5 Inability to receive products/ services due to global supply chain shut down Identifying strategies for alternative sourcing COVID-19 and its impact on the Nigerian FS Industry April 2020 PwC 19
Global responses to the COVID-19 pandemic
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