The covid-19 pandemic has seen most banks experience a surge in demand for online services, and HSBC says almost 90% of its global transactions are already digitally-based. The UK-based, Asian-focused, bank this month revived its overhaul to reduce costs and close or wind down operations in under-performing markets.
The intense innovation activity ignited by the global pandemic shows that some elephants can dance when they must. Companies are moving faster and taking bigger risks than could have been imagined a few months ago.
Globalization is under threat. Even before the pandemic, globalization was already struggling due to years of stagnation in trade growth and uncertainties at the World Trade Organization (WTO) due to US-China trade tensions. COVID-19 was another blow to the system.