The global COVID-19 pandemic is a defining moment for financial institutions.

The crisis wrought by the COVID-19 pandemic is first and foremost a human tragedy. The economic impact of the crisis is far reaching and profound, and presents challenges to the financial services industry and its institutions at levels reminiscent of the worst crises of the last 100 years. It is in this context that leaders will need to make tough choices as they navigate the growing financial implications of the economic fallout with the severe human impact of the pandemic on their customers, workforce, and infrastructure.

This page gathers relevant McKinsey insights to assist leaders in financial services to reinforce their companies' resiliency, weather the crisis, offer support to the societies in which we operate, and emerge the stronger for it.

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No going back: New imperatives for European banking

Now is the time for Europe’s banking leaders to reimagine how their institutions operate and their role in society.

Beyond coronavirus: The path to the next normal

The coronavirus is not only a health crisis of immense proportion—it’s also an imminent restructuring of the global economic order. Here’s how leaders can begin navigating to what’s next.

Global surveys of consumer sentiment during the coronavirus crisis

As governments and organizations continue to work toward containing COVID-19 and stem the growing humanitarian toll it is exacting, the economic effects are also beginning to be felt. 

Could the next normal emerge from Asia?

The coronavirus pandemic is reshaping the global economy.  Asia, the first part of the world affected by the crisis, is leading the way out of it.

Articles, Surveys & Interviews

No going back: New imperatives for European banking

Now is the time for Europe’s banking leaders to reimagine how their institutions operate and their role in society.

Stability in the storm: US banks in the pandemic and the next normal

Banks will be tested. Now is their chance to use their hard-won resilience to preserve the financial system and support their customers and communities.

Banking models after COVID-19: Taking model-risk management to the next level

The COVID-19 pandemic has revealed unexpected flaws in the business models that banks rely upon. How can they best address this challenge?

  • Risk

Financial decision-maker sentiment during the COVID-19 pandemic: A global perspective

We are tracking financial decision-maker sentiment and behavior across multiple countries to provide facts and insights that will help finance and business leaders navigate throughout the crisis

  • Consumer Insights
  • Strategy & Corporate Finance

Pricing in a pandemic: Navigating the COVID-19 crisis

Demand is volatile right now, creating a variety of pricing challenges. Companies that focus on long-term value rather than short-term gain are best positioned to meet them.

  • Strategy & Corporate Finance

The B2B digital inflection point: How sales have changed during COVID-19

COVID-19 is changing how B2B buyers and sellers interact. Savvy sales leaders are learning how to adapt to the next normal.

  • Digital, Tech & Cyber
  • Operations

Tuning in, turning outward: Cultivating compassionate leadership in a crisis

Four qualities—awareness, vulnerability, empathy, and compassion—are critical for business leaders to care for people in crisis and set the stage for business recovery.

  • Leadership

The SG&A imperative in times of crisis

A crisis presents unique challenges in making wise spending decisions. Zero-based principles can help leaders move SG&A investments where they should be—rather than where they have always been.

  • Operations & Customer Care

The consumer-data opportunity and the privacy imperative

As consumers become more careful about sharing data, and regulators step up privacy requirements, leading companies are learning that data protection and privacy can create a business advantage

  • Risk
  • Consumer Insights
  • Digital, Tech & Cyber

Revisiting agile teams after an abrupt shift to remote

Agile teams traditionally excel when their members are co-located. Here’s how to ensure they’re effective now that COVID-19 has forced them to work remotely.

  • Org & Capability Building
  • Digital, Tech & Cyber

Leading with purpose: How marketing and sales leaders can shape the next normal

Chief marketing and sales officers have a defining role to play in navigating the current crisis—and in steering their companies’ success in the world that emerges from it.

  • Consumer Insights
  • Leadership
  • Digital, Tech & Cyber
  • Org & Capability Building

How marketing leaders can both manage the coronavirus crisis and plan for the future

In the economic recovery from the pandemic, marketing—the link between businesses and their customers—will play a pivotal role. Planning starts now.

  • Consumer Insights
  • Leadership

A practical way for CIOs to manage IT costs through the COVID-19 crisis

A skillful CIO can not only cut current IT costs but also help position the company for recovery and future growth.

  • Digital, Tech & Cyber

Shaping and safeguarding the banking workforce after COVID-19

Banks can respond to this moment and reshape their workforce norms and culture to come out stronger than before.

  • Org & Capability Building

Positive leadership in uncertain times

Most leaders are struggling to find the right path through the COVID-19 crisis. Acting on three imperatives can help pave the way.

  • Leadership

The digital-led recovery from COVID-19: Five questions for CEOs

A digital future lies ahead. By acting early and being bold and decisive, CEOs can accelerate their digital transformation and reach the next normal sooner.

  • Digital, Tech & Cyber

Boards in the time of coronavirus

Boards need to step up their game and guide their organizations toward the next normal.

  • Strategy & Corporate Finance
  • Org & Capability Building

Saving our livelihoods from COVID-19: Toward an economic recovery

The pandemic could give rise to a new era of human development. Otherwise, economic and social development may falter for decades.

  • Strategy & Corporate Finance
  • Org & Capability Building

April 2020: The coronavirus effect on global economic sentiment

In our latest survey, global executives report a gloomier outlook than one month ago. Two-thirds expect a sizable contraction in the world economy, and a record share predict declining company...

  • Strategy & Corporate Finance

How CIOs can work with outsourcing providers to navigate the coronavirus crisis

From employee safety to work-at-home data security, business continuity, and financial resilience, companies need to follow a clear plan for working collaboratively with their outsourcing providers.

  • Digital, Tech & Cyber

The future is not what it used to be: Thoughts on the shape of the next normal

The coronavirus crisis is a world-changing event. Here are seven elements for business leaders to consider as they plan for the next normal.

  • Leadership

In the tunnel: Executive expectations about the shape of the coronavirus crisis

In this McKinsey survey, more than 2,000 executives around the world share their views on the likely impact of efforts to control the virus and support economic recovery.

  • Strategy & Corporate Finance

Economic Conditions Snapshot, March 2020: McKinsey Global Survey results

As the coronavirus outbreak unfolded at the beginning of March, the survey elicited sobering early appraisals, with expectations of significant business risks and stifled growth prospects for the...

  • Strategy & Corporate Finance

The CFO’s role in helping companies navigate the coronavirus crisis

Strong, steady leadership from the finance organization is critical for addressing immediate concerns about safety and survival, stabilizing the business in the near term, and positioning it for...

  • Strategy & Corporate Finance

When investors call: How your business should talk about coronavirus

As the next earnings season approaches, CFOs and other senior leaders will need to focus on addressing immediate concerns associated with the pandemic while resetting expectations.

  • Strategy & Corporate Finance

Global surveys of consumer sentiment during the coronavirus crisis

We are tracking consumer sentiment to gauge how people’s expectations, incomes, spending, and behaviors change throughout the crisis across multiple countries over time.

  • Consumer Insights

Adapting customer experience in the time of coronavirus

Care, creative thinking, and new tools can address customers’ acute needs today and forge stronger ties in the post-COVID-19 era.

  • Customer Experience

Cybersecurity tactics for the coronavirus pandemic

The pandemic has made it harder for companies to maintain security and business continuity. But new tactics can help cybersecurity leaders to safeguard their organizations.

  • Digital, Tech & Cyber
  • Risk

Cybersecurity’s dual mission during the coronavirus crisis

Chief information-security officers must balance two priorities to respond to the pandemic: protecting against new cyberthreats and maintaining business continuity. Four strategic principles can help.

  • Digital, Tech & Cyber
  • Risk

The CIO’s moment: Leadership through the first wave of the coronavirus crisis

It’s already clear that CIOs during the coronavirus outbreak are playing a central role in navigating the crisis, even as companies grapple with the implications.

  • Digital, Tech & Cyber
  • Leadership

After the first wave: How CIOs can weather the coronavirus crisis

Chief information officers must act swiftly to manage IT through the pandemic in a pragmatic way.

  • Digital, Tech & Cyber

Decision making in uncertain times

The timeline for companies to react to the coronavirus has shrunk dramatically. Here are five principles that leaders can follow to make smart decisions quickly during the pandemic.

  • Org & Capability Building

Applying past leadership lessons to the coronavirus pandemic

Three seasoned leaders describe what they learned from managing through past crises.

  • Org & Capability Building
  • Leadership

Leadership in a crisis: Responding to the coronavirus outbreak and future challenges

For many executives, the coronavirus pandemic is a crisis unlike any others in recent times. Five leadership practices can help you respond effectively.

  • Org & Capability Building
  • Leadership

Adapting workplace learning in the time of coronavirus

Managers can’t push the pause button on capability building, so the moment belongs to virtual learning. Some tactics and strategies can help.

  • Org & Capability Building

Responding to coronavirus: The minimum viable nerve center

Amid the coronavirus pandemic, companies need a crisis response coordinated by top management that gives experts and managers the autonomy to implement creative, pragmatic solutions.

  • Risk
  • Payments
  • ,
  • Retail & Small Business Banking

Addressing the needs of customers in delinquency impacted by the coronavirus

As banks respond to disruptions in their operations, they can plan their credit risk management strategies around three customer-centric best practices.

  • Risk

Customer-care organizations: Moving from crisis management to recovery

The COVID-19 pandemic calls for a focus on six imperatives to rapidly adapt to this new environment.

  • Operations & Customer Care

Lives and livelihoods: Assessing the near-term impact of COVID-19 on US workers

Up to one-third of US jobs may be vulnerable - and more than 80% are held by low-income workers.

  • Org & Capability Building

Beyond coronavirus: The path to the next normal

The coronavirus is not only a health crisis of immense proportion—it’s also an imminent restructuring of the global economic order. Here’s how leaders can begin navigating to what’s next.

  • Strategy & Corporate Finance

Safeguarding our lives and our livelihoods: The imperative of our time

We must solve for the virus and the economy. It starts with battling the virus.

  • Strategy & Corporate Finance

A blueprint for remote working: Lessons from China

As home to some of the world’s largest firms, China offers lessons for those that are just now starting to embrace the shift to remote working.

  • Digital, Tech & Cyber

To weather a crisis, build a network of teams

This dynamic and collaborative team structure can tackle an organization’s most pressing problems quickly. Here are four steps to make it happen.

  • Org & Capability Building

Demonstrating corporate purpose in the time of coronavirus

Companies will define what they do in the crucible of COVID-19 response—or be defined by it. Here’s how to frame the challenge.

  • Org & Capability Building
  • Retail & Small Business Banking
  • ,
  • Commercial Banking

Remaking banking customer experience in response to coronavirus

In the context of COVID-19, banks can better serve customers in distress by enhancing support in the use of digital tools and new products and services.

  • Customer Experience

A former European defense chief offers leadership lessons for tackling coronavirus

The former chief of defense of the Netherlands armed forces, Tom Middendorp, describes his approach to crisis management amid a complex situation like the coronavirus outbreak.

  • Strategy & Corporate Finance
  • Leadership

An instant economic crisis: How deep and how long?

Analysis of a range of economic data tracks the worsening effects of the pandemic in the West—and the cautious reopening of social and economic life in China.

  • Strategy & Corporate Finance

How to restart national economies during the coronavirus crisis

By recognizing differences among regions and sectors, governments can get people back to work faster and safeguard our livelihoods

  • Strategy & Corporate Finance

Getting ahead of the next stage of the coronavirus crisis

First the virus, now the economic fallout—you need to launch your plan-ahead team.

  • Strategy & Corporate Finance

Could the next normal emerge from Asia?

The coronavirus pandemic is reshaping the global economy. Asia, the first part of the world affected by the crisis, is leading the way out of it.

  • Strategy & Corporate Finance

Addressing climate change in a post-pandemic world

The coronavirus crisis holds profound lessons that can help us address climate change—if we make greater economic and environmental resiliency core to our planning for the recovery ahead.

  • Strategy & Corporate Finance
  • Wealth & Asset Management

Wealth management in Asia: Navigating the impact of coronavirus

To adequately respond to the COVID-19 pandemic, wealth-management firms can implement four measures

  • Retail & Small Business Banking
  • ,
  • Commercial Banking

Lessons from Asian banks on their coronavirus response

Financial institutions in countries initially affected by the pandemic moved quickly to safeguard their employees, transform their operations, and serve customers in new ways.

Leadership in the time of coronavirus: COVID-19 response and implications for banks

As the effects of the COVID-19 pandemic continue to reverberate, banks have a role to play as systemic stabilizers.

  • Leadership

Europe needs to prepare now to get back to work—safely

The next coronavirus challenge for European policy makers is to restore both lives and livelihoods

  • Strategy & Corporate Finance
  • Private Equity

Private equity and the new reality of coronavirus

Sponsors and their portfolio companies need to adjust quickly to the COVID-19 outbreak. Here’s the new playbook.

  • Retail & Small Business Banking

Leading a consumer bank through the coronavirus pandemic

The implications of the COVID-19 crisis are profound for consumer and small-business banks, and the steps they take now will shape operations long into the future. Here is where to start.

  • Payments

How payments can adjust to the coronavirus pandemic—and help the world adapt

The challenges are immediate, with long-term implications for global, regional, and local economies—and for the payments industry itself. Here’s what to expect.

  • Private Equity

How private equity operating groups are taking on the challenge of the coronavirus

Value-creation teams are grappling with the COVID-19 pandemic and its implications for their portfolio companies. Our interviews reveal the steps they’re taking.

  • Retail & Small Business Banking

Tracking US small and medium-sized business sentiment during COVID-19

A majority of US small businesses are uncertain about the future as the coronavirus pandemic continues.

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