In central and eastern Europe, some embattled senior bankers are taking comfort in the thought that the Covid-19 crisis might help them see off the challenge from fintechs and other non-bank players.
It is easy to see why. At any time, banks’ biggest assets in the battle against tech rivals are their balance-sheet heft, track record and customer trust. In a non-financial crisis, the value of each of these assets increases exponentially.
At times of turmoil, trust is clearly key – and banks’ pivotal role in the economy makes them the go-to partners for governments looking to deliver financial support to businesses and gives them access to more or less unlimited central bank liquidity.
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