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PwC Nigeria's FS Webinar
COVID-19 and the Financial Services Industry
Thanks for joining:
Presentation starts: 2:00pm
Conversations with Business Leaders
Building Digital
Infrastructure Resilience
Toyebi OyeyinkaTechnology, Advisory Senior
Manager
PwC Nigeria
The Moderator
Welcome
Opening Remark
Andrew S. NevinPartner 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 6DateInternal
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 2020COVID-19 and Digital Infrastructure Resilience
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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
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Global Responses to COVID-19
PwC
COVID-19 pandemic: Key Financial Services responses from selected global territories
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• Enhanced use of digital and
mobile banking platforms.
• Offering employees remote work
options.
• 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
on 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
of brokering face-to-face deals
• China’s financial services sector has
experienced a very significant traffic
spikes in key digital channels during the
outbreak.
• 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
online 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 2020COVID-19 and Digital Infrastructure Resilience
PwC
Thank you
Subject Matter Expert
Alfred YaduaTechnology, Advisory Senior
Manager
PwC Nigeria
2
Coming up next
Key Considerations for Building Digital
Infrastructure Resilience
PwC
Digital Office Framework
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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 2020COVID-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 2020COVID-19 and Digital Infrastructure Resilience
PwC
Thank you
All
Questions
Answers&
The Survey
Adedoyin AmosunOperations & 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 OyeyinkaTechnology, Advisory Senior
Manager
PwC Nigeria
The Moderator
PwC
Thank youThis 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