The COVID-19 pandemic was an unexpected event that led to an economic recession, causing widespread concern and global shock. The banking industry was not immune to this. According to McKinsey, the problems caused by the pandemic for the banking industry would unfold in two stages. The first stage would be significant credit defaults, which will last until late 2021. And in the second stage, amid a sluggish global expansion, banks will face a substantial risk to continuing activities, which may last until 2024. Around 2020 and 2024, $1.5 trillion to $4.7 trillion in accumulated sales could suffer, depending upon several factors including risk, global recovery and overall economic situation.
