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Adapting to new customer expectations in times of crisis; A commitment to socially responsible principles is key to navigating a disrupted business environment, explains Dmitry Gusev, CEO of Russian lender Sovcombank.

Jul 10, 2020 - The Banker

How has the Covid-19 pandemic impacted the Russian banking industry? In late March, as the pandemic was gaining momentum, Russia went into lockdown and the majority of employees had to stay home. We expected these developments to have an extremely negative impact on the banking industry, with the quality of retail and corporate loan portfolios seriously deteriorating as a result. But today we can see that things have gone much better than anticipated, due to a whole range of factors.