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At the 26th annual banking conference organised by the Chartered Institute of Banking Ghana (CIBG), Finance and Strategy Consultant, Professor Noel Tagoe explained that the current global economic crisis presents banks the opportunity to innovate, accelerate and deepen their much needed transformation.
He said while crisis destroyed bad companies, good companies survived them, and great companies were improved by them. the economic environment was now characterised by uncertainty and the risk of failure had increased for many companies, including banks.
He, however, pointed out that banks, which understood the impact of the crisis on different types of organisations, would be able to use this insight to better serve those organisations and by that, they would be able to turn the crisis into opportunities for growth.
“Recognise that the crisis can present the biggest opportunity in a lifetime, do not double down on the traditional business, be proactive.
“Don’t take a wait-and-see approach to the opportunities. Use a two-track process to make today’s business more resilient while creating tomorrow’s new growth business,” he advised the banks.
He urged banks to look for alternative growth paths that would help them to survive and prepare for back to normal recovery.
Source: myghanadaily
