By Genpact: Recovery and Resilience in Default Management - How banks can weather the storm and prepare for the future

March 31, 2020

Recovery and Resilience in Default Management - How banks can weather the storm and prepare for the future​

As the year began, some economists were bullish on the economy. Yes, there were signs that a recession could be coming: the US-China trade war, Brexit uncertainty, soft spending in Australia due to drought and bushfires, an inverted yield curve in the US bond market last summer. But no one could have anticipated a Coronavirus-induced downturn. Fast-forward. Today, markets are volatile. Unemployment claims are rising. And a recession may no longer be avoidable. In fact, some say that it's already here – even if the data isn't in yet. As a result, federal agencies are now encouraging financial institutions to prepare for more consumers experiencing financial hardship. But how? The answer lies in accelerating a transition that was already underway. Click here to know how