Foreign banks management in the context of a pandemic: problems and solutions

The article discusses the problems encountered by enterprises in the financial sector in the context of the COVID-19 pandemic. The paper gives examples of management actions of the largest banks in Italy, Brazil, South Korea, China, Portugal, Singapore, the USA, the Philippines and Russia. World Hea...

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Autor principal:	Sh. U. Niyazbekova
Formato:	article
Lenguaje:	RU
Publicado:	State University of Management 2020
Materias:	coronavirus pandemic crisis management digital banking employee protection financial indicators national banking systems remote transactions risk factors Electronics TK7800-8360 Management information systems T58.6-58.62
Acceso en línea:	https://doaj.org/article/1e9231dafe8d488cba7f32692e4b70ff
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spelling	oai:doaj.org-article:1e9231dafe8d488cba7f32692e4b70ff2021-11-14T15:54:17ZForeign banks management in the context of a pandemic: problems and solutions2658-34452686-840710.26425/2658-3445-2020-3-3-4-12https://doaj.org/article/1e9231dafe8d488cba7f32692e4b70ff2020-11-01T00:00:00Zhttps://e-management.guu.ru/jour/article/view/104https://doaj.org/toc/2658-3445https://doaj.org/toc/2686-8407The article discusses the problems encountered by enterprises in the financial sector in the context of the COVID-19 pandemic. The paper gives examples of management actions of the largest banks in Italy, Brazil, South Korea, China, Portugal, Singapore, the USA, the Philippines and Russia. World Health Organization has advised the population to use contactless payments and reduce the turnover of banknotes to a minimum. The coronavirus has increased the desire of customers to use digital services, making it an urgent need. In fact, the pandemic has led to the fact that Bank customers, who are increasingly afraid to spend time in public places, should be able to conduct banking operations without physical interaction with Bank offices. By implementing fully digital remote customer service, banks must ensure that both routine and unique (one-time, specific) banking processes will be performed without loss or disruption. Under these circumstances, financial institutions will be required to disclose information about the impact of the coronavirus pandemic on their operations in financial statements based on the relevant disclosure standards (Generally Accepted Accounting Principles, GAAP and United States Securities and Exchange Commission, SEC). Disclosure of financial statements may include risk factors such as Fund depreciation, reduced liquidity, and other aspects.The downward trend in interest rates as required by governments and national banking regulators may affect the profitability of banks. Along with a General decline in business activity, this will lead to a decrease in Bank profits. Analysts’ concerns have already resulted in a sharp drop in the share prices of many firms, which creates another problem because some deferred tax assets, such as net operating losses (NOL), are not fully accounted for in the Bank’s regulatory capital requirements. National governments impose industry-specific tax requirements on capital market enterprises, but the challenges they will face when filing and paying direct and indirect taxes are likely to be similar to those faced by other industries.Sh. U. NiyazbekovaState University of Managementarticlecoronavirus pandemiccrisis managementdigital bankingemployee protectionfinancial indicatorsnational banking systemsremote transactionsrisk factorsElectronicsTK7800-8360Management information systemsT58.6-58.62RUE-Management, Vol 3, Iss 3, Pp 4-12 (2020)
institution	DOAJ
collection	DOAJ
language	RU
topic	coronavirus pandemic crisis management digital banking employee protection financial indicators national banking systems remote transactions risk factors Electronics TK7800-8360 Management information systems T58.6-58.62
spellingShingle	coronavirus pandemic crisis management digital banking employee protection financial indicators national banking systems remote transactions risk factors Electronics TK7800-8360 Management information systems T58.6-58.62 Sh. U. Niyazbekova Foreign banks management in the context of a pandemic: problems and solutions
description	The article discusses the problems encountered by enterprises in the financial sector in the context of the COVID-19 pandemic. The paper gives examples of management actions of the largest banks in Italy, Brazil, South Korea, China, Portugal, Singapore, the USA, the Philippines and Russia. World Health Organization has advised the population to use contactless payments and reduce the turnover of banknotes to a minimum. The coronavirus has increased the desire of customers to use digital services, making it an urgent need. In fact, the pandemic has led to the fact that Bank customers, who are increasingly afraid to spend time in public places, should be able to conduct banking operations without physical interaction with Bank offices. By implementing fully digital remote customer service, banks must ensure that both routine and unique (one-time, specific) banking processes will be performed without loss or disruption. Under these circumstances, financial institutions will be required to disclose information about the impact of the coronavirus pandemic on their operations in financial statements based on the relevant disclosure standards (Generally Accepted Accounting Principles, GAAP and United States Securities and Exchange Commission, SEC). Disclosure of financial statements may include risk factors such as Fund depreciation, reduced liquidity, and other aspects.The downward trend in interest rates as required by governments and national banking regulators may affect the profitability of banks. Along with a General decline in business activity, this will lead to a decrease in Bank profits. Analysts’ concerns have already resulted in a sharp drop in the share prices of many firms, which creates another problem because some deferred tax assets, such as net operating losses (NOL), are not fully accounted for in the Bank’s regulatory capital requirements. National governments impose industry-specific tax requirements on capital market enterprises, but the challenges they will face when filing and paying direct and indirect taxes are likely to be similar to those faced by other industries.
format	article
author	Sh. U. Niyazbekova
author_facet	Sh. U. Niyazbekova
author_sort	Sh. U. Niyazbekova
title	Foreign banks management in the context of a pandemic: problems and solutions
title_short	Foreign banks management in the context of a pandemic: problems and solutions
title_full	Foreign banks management in the context of a pandemic: problems and solutions
title_fullStr	Foreign banks management in the context of a pandemic: problems and solutions
title_full_unstemmed	Foreign banks management in the context of a pandemic: problems and solutions
title_sort	foreign banks management in the context of a pandemic: problems and solutions
publisher	State University of Management
publishDate	2020
url	https://doaj.org/article/1e9231dafe8d488cba7f32692e4b70ff
work_keys_str_mv	AT shuniyazbekova foreignbanksmanagementinthecontextofapandemicproblemsandsolutions
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Foreign banks management in the context of a pandemic: problems and solutions

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