The banking, financial services and insurance (BFSI) sectors have taken a particularly hard hit from the COVID-19 outbreak. The economic disruption in large and small businesses led the BFSI sector to adjust to the new normal in record time.
Banks and NBFCs have seen a re-assessment of their business models, as mark-to-market losses deplete capital. In addition, an overall economic slowdown has cast a shadow on the ability of businesses and individuals to service their debt obligations.
On the other hand though, the pandemic has ushered in a new, digital way of life which has led to a preference for digital and contactless payments. While digital payment volume declined in airlines, tourism, hospitality and entertainment, there has been an uptick in online payments in areas like online grocery stores, online pharmacies, OTT players, edtechs and utilities.
In this special show BFSI 2.0 powered by Salesforce, CNBC-TV18’s Shereen Bhan is going to take a look at how financial institutions can navigate through this crisis and emerge from the throes of the COVID outbreak. She is joined by veteran of the banking industry and now chairperson and CEO of Salesforce India Arundathi Bhattacharya.
Also, she is joined by Rajiv Sabharwal, managing director and chief executive officer of Tata Capital to talk about financial services digital in the post-COVID era and the challenges and opportunities that lie therein.