This time round, banks are not at the epicentre of the crisis. Some people have even suggested they are right at the heart of the solution. But if the industry is serious about regaining communities’ trust after the damage caused during the global financial crisis, it must navigate the coronavirus pandemic with care.
In reality – however enthusiastic some may be, and despite being able to offer important solutions – the banking industry is unlikely to transform from sinner into saviour. First of all, it would be unfair and undesirable to set unrealistic expectations on what banks can do to prop up the economy. In a crisis of this magnitude and nature, this is ultimately the job of governments. And there are other considerations.
