Retail Banking

The COVID-19 pandemic is significantly impacting retail banking, particularly as banks transform their historically branch-focused business model to become digital service providers.

Prior to the pandemic, many consumers were moving away from traditional banking services in favor of more digital, mobile-friendly services. The pandemic’s social distancing requirements and closing of branches accelerated this transition, resulting in banks having to identify new ways to engage with existing customers and attract new ones. Yet, as digital services advance, the threats of data breaches, cyberattacks, and intellectual property suits also increase.

While driving towards digital transformation, banks must not lose sight of other critical risks — ongoing regulatory changes, rising compliance costs, and the increasing importance of environmental, social, governance (ESG) frameworks. Banks are expected to balance their changing business models with social responsibility.

Marsh works with your business to keep pace with these evolving risks. Our experienced team provides advice and support to banks, credit institutions, and payment companies. We help you mitigate risk, and design and implement business resilience strategies, to meet the challenges ahead and be successful with the communities that you serve.