Question

With a critical analysis of the micro environmental forces which are forces close to the company that affects its ability to serve its customers; all those factors that are closely associated with the operations of the business and influences its functioning including suppliers, customers, marketing intermediaries, competitors and publics; discuss the effects of COVID-19 on Five (5) micro environmental forces within the financial service sector today

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.

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