There’s barely any area of life or business that hasn’t been upended by the impact of the COVID-19 pandemic, and the impact on banking and financial systems is no exception. It’s far too early to predict what the long term impact may be on the banking sector and financial institutions, but one thing is certain: financial services, banking and capital markets will forever be changed.
As businesses around the world monitor and deal with the effects of these shifts, they are all working to understand the challenges that societies and economies will face as a result. Their expertise will be crucial to helping themselves and their customers ride out the storm of volatility that represents today’s financial landscape.
The Banking Sector
Risk weights are currently high, and lower economic activity means that today’s banks – all the way up to the World Bank itself – are being called on by governments and private citizens alike to provide financial relief from the severe conditions of the job market. Risk management, in the credit risk arena particularly, will be essential to managing this period successfully.
Digital banking is also seeing an unprecedented rise, with paper money and visits to your local bank branch now seen as high-risk activities. There’s unlikely to be much of a regression on this post-covid, as the trend was already well underway in the pre-pandemic years anyway. Particularly in emerging markets like Africa and much of the developing world, digital solutions are a key lifeline that allows populations to leap-frog over the underdeveloped banking options they had access to before.
Asset Management & Wealth Management
Management firms and investors alike have taken a severe knock and are experiencing unprecedented stress tests at this time. Wealth management companies have had to create contingency plans to protect their clients from volatility. These firms need to position themselves at the ready for the uncertainties that are surely still to come in the next months and years, or risk losing market share.
There has been a global attempt to keep interest rates low in an effort to stimulate underperforming economies during the crisis. Such rate cuts bring different effects to different economies – sometimes resulting in a flood of loan applications that banks must strategize for. However, unemployment rates are also rising, and so banks and lenders are sure to see an increase in defaults and missed payments. Many consumers are asking their financial services provider directly for modifications to their repayment plans and loan agreements, and these have to be factored into every lender’s COVID-19 survival strategy.
Training the Financial Minds that will Create a New Financial Future
REGENT BUSINESS SCHOOL’s financial qualifications are designed to create the kind of independent thinkers that the finance sector needs at a time like this; offering students a strong foundation and the essential skills they need for a successful career in business management, wealth management and related fields.
Our BCom degree gives students practical and theoretical exposure to prepare them for a fast moving commercial career. Graduates are well equipped to enter both the public and private sectors, enabling specialisations such as economics, accounting, supply chain management, risk management, and many other business fields.
Duration: 3 Years
Admission Requirements: National Senior Certificate with minimum bachelor’s admission, NQF4 Qualification or equivalent, “A” or “O” level certificate.
A programme that provides a strong introduction into the necessary skills, knowledge and techniques to manage finances in a number of different business contexts in both the public and private sectors. From the basics of cash-flow projections and budgeting to business investment, asset management, mergers and acquisitions and more, the programme explores the complex challenges of financial management in fast-moving international markets.
Duration: 3 Years
Admission Requirements: National Senior Certificate with minimum diploma admission, NQF4 Qualification or equivalent, “A” or “O” level certificate
This programme is designed for persons already employed in organisations and in possession of a diploma, giving them an opportunity to increase their knowledge and competency in the management of the financial resources of an organisation. Take your career to the next level with conceptual thinking skills that will help solve problems in financial management, no matter what the economy brings.
Duration: 1 Year
Admission Requirements: NQF6 Qualification or equivalent
Just getting into business management studies? The HCIBM is a perfect programme for an overview of the essentials of business management theory and practice, providing a great entryway into this rewarding career field. The course develops the necessary skills and knowledge to enhance organisational productivity and performance in any business environment.
Duration: 1 Year
Admission Requirements: National Senior Certificate with minimum Higher Certificate admission, NQF4 Qualification or equivalent
The future of banking is coming
As financial services companies grapple with the challenges posed by the pandemic, some extremely innovative moves are going to be needed to continue creating value in a difficult economy. Both these businesses and the candidates who aim to work with them would do well to keep up to date with these changes through constant education – a priority that will serve them well in the years ahead.