Lockdown and rewiring banks

Key areas which have been impacted are third-party vendors and their talent working on banks' premises. A changeover to move data to the vendor is a risk that needs to be evaluated by all banks

With the spread of Covid-19, governments have mandated lockdowns and social distancing, thereby creating a paradigm shift in the working of banks, from a traditional office space towards an agile, responsive and dynamic mode of operating. 

While banks and financial institutions have invoked their existing business continuity plans (BCP), the current situation calls for a more adaptive and reactive BCP. Banks have invoked their BCPs for critical functions and that has helped them in keeping their branches and critical operations active. However, for areas such as support functions, IT vendors, auditors and on-going projects, the efforts to achieve seamless integration