Question

Financial services certainly have their hands full in the light of the novel coronavirus outbreak (COVID-19). Banks must also manage direct impact of COVID-19, put plans in place to

protect its employees and customers from its spread. As the two months old newly appointed head of marketing for KANS Bank ( a local bank) critically discuss Five (5) out of the seven extended marketing mix strategies the bank can undertake in order to achieve medium to long term positioning and gain competitive advantage amidst COVID-19 pandemic.

Answer 1

The COVID-19 pandemic is a health and humanitarian crisis, as well as an economic shock. Banks have a pivotal role to play.

We at Accenture are helping our banking clients address the short- and long-term consequences. Beyond the obvious facts that the pandemic will test the mettle of the industry’s leaders and impose an overriding imperative to ensure service continuity, we believe the short-term impacts will affect four key areas of retail and commercial banking: credit management, revenue compression, customer service and advice provision, and operating model adjustments and cost control.